Why did Corning move?
Written after the close on
Corning fell on valuation worries and a legal probe. Corning was roughly flat over the last five trading days, in line with a slightly weaker market and a flat technology sector, but it dropped clearly in the latest session. The fall likely reflects renewed attention to a securities-fraud investigation tied to Corning's plan to sell up to $2 billion of new stock, announced earlier in the month, which investors read as a sign of possible dilution. Watch the late-October earnings report for any update on that equity offering and on demand for its optical-fibre products.
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