Corning Tumbles 12% on $2B At-the-Market Equity Offering; Coherent Sinks 11%, Lumentum Drops 9%, Fabrinet Slides 6%

Corning shares fell 12% to $145.61 in Monday afternoon trading after the company disclosed a $2 billion at-the-market equity distribution program. The program raises the prospect of share dilution, creating a material near-term negative for existing shareholders.