News Summary: Corning may make job cuts

TRIMMING AHEAD: Glass and ceramics maker Corning Inc. said Wednesday that it will likely make some cost cuts, which may include "modest" job cuts, as it looks to support its profit in a softening economy.

THE COST: The company expects to take a charge of up to $50 million in the current quarter to cover the cuts.

QUARTELY RESULTS: Corning also reported that its third-quarter net income fell 36 percent. Revenue dipped 2 percent. Despite declines, profit and revenue still managed to top Wall Street's expectations.