On March 20, 2001, an article in the Wall Street Journal caught Julianna Coopers's attention. It was entitled "Corning again Lowers Forecast for Year." She sighed. This was the second time in one month that Corning had cut estimates. In February 2001, the company had slashed its revenue growth forecast for its Photonics business to 50% from its 75% to 90% growth forecast in January. At the time, however, the company had maintained its earnings projection, saying that it would meet its earnings target through layoffs and other cost-cutting measures. Corning attributed the rapid slowdown in telecom equipment orders to a capital crunch in the telecom sector. The lack of capital had prevented telecommunications carriers from building out new networks.