Corning, Inc. (GLW)

[AV8R]

08:00 ET GLW defended by UBS after 7% drop yesterday : UBS believes Corning (GLW) has been unduly hurt by recent negative sentiments for LCD panel vendors such as AUO and CMO. The firm says these issues do not apply to Corning as a LCD glass vendor. The firm expects LCD glass to be in short supply in 2004, exacerbated by Gen 6 production problems at Asahi. Thus Corning should not be hurt by seasonality of the PC end-user market in 2004