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 (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: