Emma Asma Cornwall
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Emma Asma Cornwall in Gainers & Losers,

Corning has more downside

Specialty glass maker Corning lost $1.56, or 7.4 percent, to $19.41 after quarter report in which its sales were weaker than expected.

The company reported a first-quarter loss of $368 million, after reporting a profit in the same period a year earlier. On a per-share basis, the Corning, New York-based company said it had a loss of 36 cents. Earnings, adjusted for non-recurring costs and restructuring costs, were 28 cents per share.

The specialty glass maker posted revenue of $2.17 billion in the period, missing Street forecasts. Six analysts surveyed by Zacks expected $2.22 billion.

From technical point of view, the shares broke the "rising wedge" pattern, and it seems like downside is still there...