Bond YIELDS are higher this morning in the 5-year (FVX.X), 10- year (TNX.X) and 30-year (TYX.X) bonds. This is a good sign short-term for equity bulls. Equity futures are higher this morning with S&P futures up 3 points, NASDAQ futures are higher by 8 and Dow futures are being bid higher by 25 points. Fair value for the S&P 500 is $11.78. Computers are set for buying at $14.02 and set for program selling at $9.54.
Corning warns that it will not meet earnings expectations
Shares of Corning (NYSE:GLW) fell $1.18 to $22 in Instinet this morning after the company said it would not meet earnings expectations this year. The company lowered its guidance for 2001 earnings to $1.20-$1.30 per share from its previous guidance of $1.40-$1.43. The revisions of the company's guidance for the full year is based primarily on lower expectations for the telecommunications segment amid the current economic slowdown.
Other fiber-optics also trade lower
Shares of JDS Uniphase (NASDAQ:JDSU) fell $1.06 to $21.38 and Ciena (NASDAQ:CIEN) dropped $1.81 to $51 after GLW's warning.