Corning's long-term and short-term debt ratings may be cut by Moody's Investors Service on concern that its telecommunications businesses may not recover until well into next year. The largest maker of glass fiber used in telecommunications networks has a long-term rating of Baa1. The action affects about $5B in debt securities. Moody's review will examine when Corning can return to profitability and whether its restructuring is sufficient.

Yet another signal that the telecom hardware market won't recover until after questions about the overall industry are resolved. ("How long will that take?", you ask, with your Lucent, Corning, and Nortel shares in hand.)