Corning Incorporated GLW shares are trading lower after the company cut its third-quarter display volume forecast to a quarter-over-quarter decline of high single digit percent.
The company cited "several panel manufacturing customers have reduced utilization below anticipated levels in the current quarter."
Corning expects third-quarter prices to be flat with the second quarter, and full year glass prices to decline at a low-to-mid single digit percentage.
Corning said for 2019, the company forecasts Optical Communications sales will decline by 3% to 5%, versus its prior expectation of a low-to-mid-single digit percentage increase.
Corning shares were trading down 9.6% at $27.15 in Tuesday’s pre-market session. The stock has a 52-week range between $36.56 and $26.78.
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