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Even worse is that the company's fourth-quarter profits dropped 53% year-over-year. A incline was expected, but that is quite an ugly number.

However, if you're a long-term investor, look gone the headline decline and consider a buy-and-hold investment in Corning. The glass maker is a reigning player not just in the television business, but also as a supplier for smartphones via its "Gorilla Trifocals." This is a company that, while experiencing short-term hiccups, is not going away -- and has the contemplation for a significant rebound.

First, let's dissect the earnings. They aren't as bad as you might think.

Corning's net proceeds declined to $491 million, or 31 cents a share, from $1.04 billion, or 66 cents, in the fourth shelter of 2010. But when you back out one-time charges and special items, earnings squeak up to 33 cents per stake -- right on target for the consensus set by Bloomberg.

Also, fourth-quarter sales as a matter of fact increased about 7% to $1.89 billion, from $1.77 billion a year earlier. The customary estimate was $1.85 billion -- meaning Corning not only increased its sales, but also area expectations.

Now we get to the bad news: Corning said first-quarter earnings could fall anywhere from 5% to 20% based on low prices and weaker command. Ouch.

You can understand, in a way, why Wall Street ran screaming. Nobody wants to be on the hook for the worst-instance scenario offered by Corning. And let's be honest, if a 20% drop is forecast, the verified drop could be even deeper.

But follow this math. Let's drop 20% out of the first-quarter prophecy of 41 cents, getting us to 33 cents. Add in the next three quarters for fiscal 2012 -- estimates of 44, 47 and 48 cents a allocate, respectively. That's $1.72. Based on a current share price around $13.20, that gives you a brazen price-to-earnings ratio of just 7.7. Pretty cheap -- and that's baking in the worst prediction of a 20% decline, and simply meeting expectations instead of beating them for the recline of the year.

In short, there's reason to think that this is just a temporary hiccup and not the end of the age.

What's more, in 2012, Corning is rolling out Gorilla Glass 2.0 to improve on its anterior landmark product. The new glass was just unveiled at the Consumer Electronics Show in Las Vegas. Specs make known the new iteration of the product is 20% thinner, but just as scratch-resistant. Thinner looking-glass allows for greater touch-sensitivity on gadgets, and a lighter weight for smartphones as a denouement.

Will Gorilla Glass 2.0 single-handedly turn around Corning? No. But it's certainly a swiftly in the arm. With a severe drop in first-quarter sales now baked into GLW stock due to today's selloff, the new goblet could start boosting numbers just in time to stabilize the stock and support it stage a comeback.

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