CORNING CHAIRMAN QUESTIONS LOGIC OF DROP IN STOCK PRICE
CORNING CHAIRMAN QUESTIONS LOGIC OF DROP IN STOCK PRICE CORNING, N.Y., Jan. 14 /PRNewswire/ -- Corning Incorporated Chairman
James R. Houghton said today that he considers the drop in Cornings share price yesterday a gross overreaction by some investors to the breast-implant issue at Dow Corning Corporation.
Houghton said, "Its difficult for us to understand the financial logic of this drop. We understand the tremendous interest generated by the media stories, and we especially empathize with those who have personal concerns. However, the market reaction appears highly emotional. "A 10-point drop in our share price implies a 50 percent decline in the value of Dow Corning to Corning Incorporated that just doesn't make sense," he added. "We anticipate no significant impact on Corning Incorporateds long-term performance." Houghton said, "We believe Dow Corning is acting responsibly to resolve this matter." Dow Corning is owned 50 percent by Dow Chemical Company and 50 percent by Corning Incorporated. -0- 1/14/92 /CONTACT: Stephen L. Albertalli of Corning, 607-974-8357/ (GLW) CO: Corning Incorporated; Dow Corning Corporation ST: New York IN: MTC SU: SM -- NY017 -- 9434 01/14/92 09:46 EST
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|Date:||Jan 14, 1992|
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