Corning, the world's largest maker of fiber-optic cable, posted a quarterly net loss of $370 million due to weak spending in the telecommunications sector (half of Corning's revenue), and said more cuts in its work force or facilities may be necessary.

"At first blush, it certainly doesn't look pretty. The company continues to lose money and the actual performance [as opposed to what?] in their core telecom business remains very weak."

[Sales will continue to slip, more cuts necessary, noncore assets must be sold. Profitability to be achieved in 2003 at any cost.]