In a research note this morning, Merrill Lynch’s Steven Fox reports that according to Japan’s Ministry of Economy, Trade and Industry, production and shipments of small- and medium-sized LCD displays in April declined 13% and 18% respectively from March, while inventories rose 29%. Fox notes that April is typically weaker than March, but that this was none-the-less a worse-than-seasonal decline. The news has some negative implications for Corning (NYSE:GLW) which provides the glass for LCD displays.
Sound familiar? It may be that you have heard it all here before. In the meantime, shares of Corning continue to slide.
GLW 1-yr chart: