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| Corning's Desperate Deal Destroys Value by Jeremy at 6:45 am EDT, Aug 2, 2002 | |||
When you're in dire straits, you do what you have to do. There seems to be no end to the bad news, and that Corning's balance sheet, which looked so solid a year ago, is now shaky. Needing cash, Corning announced "a glorified common stock offering" that has sent its shares down 50% in just three days. Corning's problem is that there is no sign when its business will revive. This offering shows that Corning has decided that a huge dilution of its current shareholders is unavoidable. It is not a good sign for investors. | |||
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