JDS Uniphase (Nasdaq: JDSU) fell 75 U.S. cents to $37.75 in morning trading Wednesday, after lowering sales andearnings estimates for the third quarter ending March 31st.
Analysts at Adams Harkness and JD Cowen reportedly lowered their ratings onJDS Uniphase shares following the news.
The company, a maker of fiber-optic components, said sales for the quarterwill be “at or slightly above $1 billion,” with earnings beforeextraordinary items of 17 cents per share. Reports said analysts had expected the company to earn 21 cents per share inthe quarter.
For the year as a whole, JDS Uniphase projected sales of $3.9 billion and earnings of 74 cents per share.
“This guidance reflects continued uncertainty in carrier capital spendingprospects and customer inventory adjustments, as well as a lower level ofnear-term sales visibility than the company has experienced in recent periods,” JDS Uniphase said.
JDS shares traded as high as $153 within thepast year. The shares, however, have fallen in recent days, hit by a general slump in thetechnology sector and by news that big customers like Cisco (Nasdaq: CSCO)are seeing a decline in business.
JDS Uniphase also said it has completed its acquisition of SDL and thesale of its Zurich subsidiary to Nortel Networks.
“We are delighted to have the strong team from SDL join JDS Uniphase,” said JDSco-chairman and chief executive officer Jozef Straus, “andnow with the merger complete, our challenge now is threefold: To collaborate,integrate and innovate, all with the highest degree of agility.”
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