JDS Uniphase (JDSU) gained 1 9/16 to 94 15/16 after it reported pro forma earnings for its fiscal fourth quarter of $85.8 million, or 11 cents per share, a penny better than the 10 cents per share Wall Street had expected. The Canadian- and Silicon Valley-based maker of fiber-optics equipment for the telecommunications industry reported revenue of $394.6 million, 40% above sales in the quarter ended Dec. 31, and 2 1/2 times the pro forma sales in the year-earlier period. The company's results reflect the performance of three acquired companies but exclude the affects of accounting charges related to those and other acquisitions.

Including merger-related and other costs, JDS Uniphase reported a net loss of $240.9 million, or 32 cents per share. The company's stock surged 13, or 16%, Tuesday to 93 5/16, on the strength of a strong earnings report earlier in the day from competitor

Corning

(GLW) - Get Report

. Corning was having another up day with the stock lately rising 5 7/8 to 182 7/8. Shares of momentum-investor darling JDS Uniphase -- colorful traders believe its stock symbol stands for "Just Don't Sell Us" -- remain 39% below their March 7 high of a split-adjusted 153 3/8.

Mergers, acquisitions and joint ventures

News Corp.

(NWS) - Get Report

and

Singapore Telecom

could launch a $30 billion

counterbid for

Cable & Wireless HKT

(HKT)

, reported

The Wall Street Journal

. The offer, which would rival C&W HKT's planned merger with Hong Kong-based

Pacific Century Cyberworks

, takes advantage of the recent weakness in Web companies like Pacific Century that have seen their stock prices decline.

Internet holding company

Xcelera

(XLA)

said

Exodus Communications

(EXDS)

invested $75 million and 3.76 million Exodus shares in Xcelera unit Mirror Image Internet for a 15% stake.

Wesley Jessen VisionCare

(WJCO)

, the target of a hostile bid by

Bausch & Lomb

(BOL)

, invited its suitor to make its best offer, but said it had no obligation to set a deadline for bids from other interested parties.

Young & Rubicam

(YNR)

is considering a possible merger partner other than

WPP

(WPPGY)

, and has been negotiating a deal to buy

Harte-Hanks

(HHS) - Get Report

for roughly $2 billion, reported the

Journal

.

--

Tara Murphy

Earnings/revenue reports and previews

(

Earnings estimates from First Call/Thomson Financial; earnings reported on a diluted basis unless otherwise specified.

)

Allegheny Technologies

(ATI) - Get Report

posted first-quarter earnings of 47 cents a share, which includes special items. This compares with a year-ago report of 41 cents. The eight-analyst estimate expected the company to post earnings of 34 cents.

Baker Hughes

(BHI)

posted first-quarter earnings of 4 cents a share, beating the 31-analyst break-even estimate, but lower than the year-ago 14 cents. The company said its search for a new CEO could end in the next month or two.

eBay

(EBAY) - Get Report

posted first-quarter earnings of 6 cents a share, topping the 24-analyst estimate of a 3-cent profit and surpassing the year-ago report of 4 cents a share. The online auctioneer said its first-quarter sales tallied $85.8 million, doubling the year-ago result of $42.8 million. eBay also set a 2-for-1 stock split.

McKesson HBOC

(MCK) - Get Report

posted fourth-quarter earnings of $1.52 a share, which includes special items. This compares to the year-ago loss of 22 cents a share, which also included extraordinary items. Excluding items, the 13-analyst estimate expected the health care services company to report earnings of 29 cents.

Viacom

(VIA) - Get Report

posted first-quarter earnings of 11 cents a share, topping the 14-analyst estimate of 6 cents a share and up from the year-ago 5 cent-profit.

--

Tara Murphy

Offerings and stock actions

Chemical company

Solutia's

(SOI) - Get Report

board authorized the repurchase of an additional 15 million shares, or about 14% of its stock.

--

Tara Murphy

Analyst actions

Compaq

(CPQ)

for the most part was enjoying a mixed reaction on Wall Street to yesterday's first-quarter earnings report, which met expectations.

Merrill Lynch

upgraded the stock to near-term attractive from neutral;

Salomon Smith Barney

upped it to buy from neutral and boosted its 12-month price target to 45 from 25; and

Donaldson Lufkin & Jenrette

raised its fiscal 2000 earnings estimate to $1.05 a share from $1.00 while repeating a buy rating.

Warburg Dillon Read

, however, trimmed its EPS view to $1.05 from $1.15 and maintained a hold rating.

Upgrades

Alcan

(AL) - Get Report

: UP to intermediate-term buy from neutral at Merrill Lynch.

BMC Software

(BMCS)

: UP to near-term accumulate from neutral at Merrill Lynch; UP to strong buy from hold at

CIBC World Markets

..

Dynegy

(DYN)

: price target UP to 85 from 52 at

Lehman Brothers

.

Fair Isaac

(FIC)

: UP to strong buy from buy at

U.S. Bancorp Piper Jaffray

.

General Motors

(GM) - Get Report

: 2000 earnings estimate UP to $10.84 from $9.42 and 2001 EPS estimate up to $13.74 from $10.50 at

Dresdner Kleinwort Benson

.

Maxim

(MXIM) - Get Report

: price target UP to 80 from 65 at

Thomas Weisel

by analyst Eric Ross.

Nortel Networks

(NT)

: fiscal 2000 earnings estimates UP to $1.36 a share from $1.30 at Lehman Brothers; fiscal 2001 UP to $1.77 a share from $1.60.

Royal Dutch

(RD)

: UP to buy from attractive: 12-month price target : 68 at

Bear Stearns

.

Scientific-Atlanta

(SFA)

: UP to strong buy from buy at

SG Cowen

.

Downgrades

Transaction Systems Architects

(TSAI)

:

Goldman Sachs

removes from recommended list.

Initiations

Maxwell Technologies

(MXWL) - Get Report

: NEW buy at CIBC World Markets; price target: 23.

--

Tara Murphy