Updated from 1:11 p.m.

'Tis the season for tech stock woes. Optical-components maker

JDS Uniphase

(JDSU)

was hit with a couple of downgrades.

Deutsche Bank Alex. Brown

this morning downgraded the stock to buy from strong buy. And over the weekend,

Wachovia Securities

lowered the company to buy from strong buy. JDS closed up today, though, higher by 94 cents, or 2.3%, to $41.88.

Earnings/revenue reports and previews

Lucent Technologies'

(LU)

reach is far and wide.

Netro

(NTRO)

said today that it's lowering its revenue expectations for the fourth quarter because of a decline in anticipated orders from Lucent, the beleaguered telecom-equipment maker.

Netro said it expects revenue to be $21 million to $22 million for the fourth quarter, significantly higher than the $7.7 million in the year-ago period. This milestone would represent record quarterly revenue for Netro, but it wouldn't be as high as anticipated, the company said in a statement.

The broadband wireless-access systems provider did not provide guidance for revised fourth-quarter earnings, but 11 analysts polled by

First Call/Thomson Financial

expect the company to break even for the quarter. Netro posted a loss of 17 cents a share in the same period last year.

Gross margins are expected to range from 18% to 20%, lower than anticipated because of the decline in base-station shipments to Lucent. The company also said it expects to report lower revenue for 2001 due to concerns about the slowing telecommunications build-out and availability of vendor financing. Lucent closed down 13 cents, or 0.9%, to $13.50; Netro was down $1.70, or 20%, to $6.81.

Visx

(EYE) - Get Report

warned today that fourth-quarter earnings will not meet Wall Street's expectations due to weak economic conditions.

The Santa Clara, Calif., company, which makes laser-eye surgery products, said it expects to earn 15 cents to 17 cents a share, down significantly from the 38 cents it earned in the year-ago period. Thirteen analysts polled by First Call expected the company to earn 20 cents a share.

Officials said fourth-quarter earnings exclude the effects of an increase in reserves against receivables, but it anticipates increasing those reserves $18 million, or 18 cents a share after taxes.

Laser-eye surgery is a relatively expensive elective procedure easily postponed in times of economic uncertainty, the company said. Visx also said its results were hurt by patient confusion over an extremely wide range of procedure prices being advertised. Visx closed down $3.19, or 25.5%, to $9.31.

Bright news from

Williams

(WMB) - Get Report

, which today said it expects fourth-quarter earnings to "substantially exceed" expectations because of improved performance in many areas of its energy business.

The Tulsa, Okla.-based company did not offer further specifics. A First Call survey of 14 analysts shows a consensus fourth-quarter earnings estimate of 17 cents a share.

"The improvement is occurring in many areas of our energy businesses, but is primarily because of higher trading results due in large part to price volatility in the forward energy markets," the company said in a statement.

The company said it made the announcement because of widespread concern over short supplies and high prices in the California market. Williams said its electric energy position in California has been sold into futures markets and, consequently, it does not expect material creditworthiness issues to surface this quarter. Williams ended the day up $4.56, or 13.9%, to $37.44.

Zale

(ZLC)

said Tuesday that earnings for its fiscal second quarter will fall well short of Wall Street's expectations because of disappointing holiday sales.

The Dallas-based jewelry retailer said it expects to earn between $2.42 and $2.50 a share, up from the $2.33 it earned in the year-ago period. Fourteen analysts polled by First Call are calling for the company to earn $2.77 a share for the quarter.

Sales for the period are expected to range between $750 million and $760 million, up from last year's $662.1 million. Zale also said it anticipates same-store sales to be down between 3% and 4% for November and December, compared with a 16.3% rise a year ago. Zale's closed down 69 cents, or 2.6%, to $25.31.

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Analyst actions

Sanmina

(SANM) - Get Report

had its 12-month price target cut to $107 from $171 at

Credit Suisse First Boston

, which said the move is designed to reflect the multiples in the rest of the industry. CSFB maintained its strong buy. Sanmina closed up 56 cents, or 0.8%, to $72.31.

Downgrades

Avocent

(AVCT)

: DOWN to buy from strong buy; price target: $50 to $55. Avocent closed down $1.06, or 3.9%, to $26.13.

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Miscellany

Shares of

Mikohn Gaming

(MIKN)

plummeted Tuesday after the company said it was revising its previously reported results for 1999 and the first three quarters of 2000.

The Las Vegas supplier for the casino and gaming industry said it will now recognize earnings of 9 cents a share for the year, instead of the reported earnings of 35 cents a share for 1999.

The revision is due to the timing of recognizing a $4.3 million gain from the sale of a 50% interest in

Mikohn Gaming Australasia

to TAB, an Australian firm. When Mikohn made the sale, it agreed to become the exclusive supplier of hardware and software for TAB's progressive jackpot system in New South Wales. Mikohn says it now concludes the two agreements should be considered as one, and that proceeds from the sale shouldn't be recognized until the work is completed on the other agreement.

Mikohn said it expects to recognize the gain in the third quarter of 2001. Meanwhile, income and expense for 1999 will be reduced to $700,000 from $5 million and deferred gain as of Dec. 31, 1999 will rise to $4.3 million from zero.

The company also is restating 2000 earnings to account for development costs of the progressive jackpot system. Mikohn closed down 69 cents, or 16.7%, to $3.44.

Pharmacia

(PHA)

said today that the

Food and Drug Administration

has approved Detrol LA, a once-a-day drug used to control an overactive bladder.

The Peapack, N.J.-based pharmaceutical company now offers a twice-daily form of the drug. The company said the new drug can act in place of the twice-a-day treatment because it provides sustained release of the drug over the course of the day. The ailment affects 17 million people in the U.S., the company said. The first worldwide approval of the single-dosage variety of the drug was received in Switzerland earlier in the month and will be marketed as Detrusitol. Pharmacia closed up $1.19, or 2.1%, to $58.63.

Yahoo!

(YHOO)

this morning said its shopping channel showed "strong results" during the holiday season.

Sales volume nearly doubled last year's results, Yahoo! said. And Yahoo!'s non-U.S. properties saw a sixfold increase in transaction volume. Yahoo! did not specify what portion of that increase was attributable to expansion of its international service, which is now available in 14 countries.

Yahoo! also said that sales volume had tripled to U.S. brand-name retailers that operate bricks-and-mortar stores. Yahoo! closed up $1.63, or 5.5%, to $31.19.

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