Midday Movers: JDS Uniphase Jumping and Echostar Slumping - TheStreet

As selling pressure continued to weigh heavily on the Dow Jones Industrial Average and less so on the tech-laden Nasdaq Composite Index, individual company news was driving individual stock movements.

JDS Uniphase

(JDSU)

was jumping 13 3/8, or 5.7%, to 248 7/8 after

PaineWebber

initiated coverage of it as a top pick and established a price target of 330 for the stock. JDS Uniphase designs and develops a range of products for the fiber-optic communications market.

On the flip side,

Echostar

(DISH) - Get Report

was shedding 7 23/32, or 6.1%, to 113 29/32 after

C.E. Unterberg

advised investors to take profits after recent price gains.

Given the overall trading environment, one IPO was holding up well.

Carrier1 International's

(CONE) - Get Report

was rising 11 1/16, or 63.4%, to 28 1/2, after being priced at $17.4835 per ADR by

Morgan Stanley Dean Witter

. Each ADR is equal to one fifth of an ordinary share. Luxembourg-based Carrier1 provides voice, Internet, bandwidth and related telecommunications services in Europe

Mergers, acquisitions and joint ventures

British Telecom

(BTY)

shed 11 1/16, or 5.9%, to 178 after saying it tapped

Lucent

(LU)

to equip multimedia call centers for its customers in Britain. BT said Lucent would begin supplying the call centers immediately, through

BT Business Information Systems

and BT's new

Syncordia eCRM Solutions

. Lucent lifted 1 1/8 to 54.

Deutsche Telekom

(DT) - Get Report

fell 9/16 to 89 3/8 said it has entered a pact with

Cisco

(CSCO) - Get Report

to boost its phone network and set a separate deal with

Compaq

(CPQ)

and

Intershop

to develop a virtual market for e-businesses. Cisco dropped 3 3/8 to 135 1/4 while Compaq climbed 1/2 to 25 11/16.

Intel

(INTC) - Get Report

gained 4 15/16 to 114 after it announced plans to acquire

Voice Technologies

, a privately held telecommunications company based in Buffalo, N.Y. Intel said it would pay cash for the company though terms were not disclosed.

Robertson Stephens

raised its first-quarter EPS on Intel to 70 cents from 67 cents, and the 2000 estimate to $3.02 from $2.90. The price target was upped to 150 from 125

Internet Capital Group

(ICGE)

lost 1 7/8 to 117 after it agreed to buy an interest in

eCredit.com

, in which eCredit.com would receive Internet Capital Group stock worth $450 million.

Microsoft

(MSFT) - Get Report

lost 5/16 to 93 15/16 after it said it has entered a deal with

Honeywell

(HON) - Get Report

that involves making an investment in Honeywell's

Myplant.com

. Honeywell was losing 1 13/16 to 43 3/8.

Motorola

(MOT)

was falling 1 to 159 13/16 after it entered a deal with 19 Web content providers, including

Amazon.com

(AMZN) - Get Report

and

Reuters

(RTRSY)

, to offer their services on its mobile phones. Amazon was off 2 11/16 to 67 3/4 while Reuters was down 1 to 127 1/8.

Toys R Us

(TOY)

lost 3/16 to 11 5/16 after it said it sold a minority stake in its Toysrus.com Internet unit to affiliates of Japanese investment bank

Softbank

for $57 million. Toys R Us also said Softbank Venture Capital and Softbank Capital Partners had purchased $10 million in warrants to acquire 1.2 million shares of Toys R Us common stock at $13 a share.

USX-U.S. Steel Group

(X) - Get Report

lost 3/8 to 22 11/16 after it said it would make a minority investment in the Internet steel exchange

e-Steel

.

Earnings/revenue reports and previews

(

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

)

Children's Place

(PLCE) - Get Report

lost 9/16 to 11 9/16 after it posted fourth-quarter earnings of 51 cents a share, beating the eight-analyst estimate of 49 cents and the year-ago 38 cents.

Gap

(GPS) - Get Report

fell 13/16 to 42 1/8 after it posted fourth-quarter earnings of 47 cents a share, beating the 21-analyst estimate of 45 cents and up from the year-ago 35 cents. The company said it will repurchase 15 million shares in fiscal 2000.

Gene Logic

(GLGC)

gained 4 3/16 to 116 1/2 after it said it reported a fourth-quarter loss of 29 cents a share, narrower than the six-analyst estimate of a 31-cent loss but wider than the year-ago 18-cent loss.

J.C. Penney

(JCP) - Get Report

slipped 1/16 to 16 3/16 after it said it reported fourth-quarter earnings of 45 cents a share, missing the 11-analyst estimate of 47 cents and down from the year-ago 72 cents. The retailer said it expects to assume a first-quarter $200 million restructuring charge for its

Eckerd Drugstore

closings.

Kroger

(KR) - Get Report

slipped 3/8 to 14 11/16 after it said it expects to post fourth-quarter earnings between 37 and 40 cents a share. The 16-analyst estimate sees the company reporting EPS of 38 cents.

Neoforma.com

(NEOF)

gained 3 1/2, or 6.3%, to 59 3/8 after it reported a pro forma fourth-quarter loss of 40 cents a share, narrower than the single-analyst estimate of a 44-cent loss but up from the year-ago 12-cent loss.

Schering-Plough

(SGP)

slipped 9/16 to 37 1/16 after it said it is on track to post fiscal 2000 earnings in line with the 25-analyst estimate of $1.64 a share. The drug company also said it would complete its current $1 billion stock buyback in the first quarter and initiate another plan.

Wolverine Tube

(WLV)

lost 1/4 to 12 3/8 after it reported fourth-quarter earnings of 23 cents a share, beating the four-analyst estimate of 21 cents and in line with the year-ago report.

Offerings and stock actions

Dusa Pharmaceutical

(DUSA) - Get Report

gained 1 3/4, or 5.9%, to 31 1/2 after it said it will sell 1.5 million shares of its common stock to Denver-based

Invesco Funds

. The purchase price is $28.50 a share.

Entrust Technologies

(ENTU)

lost 3 3/16 to 82 5/16 after it said it set an 8.15 million-share secondary offering at $82 a share.

Martha Stewart

(MSO)

lost 1 3/8 to 26 5/8 after it said it would repurchase 1.37 million shares from

Time Warner

(TWX)

. Time Warner gained 4 1/2, or 5.5%, to 86.

Analyst actions

Credit Suisse First Boston

upgraded

America Online

(AOL)

to strong buy. America Online also announced it has chosen Dennis Patrick as president of its

AOL Wireless

division. The stock was recently up 1 11/16, or 3%, to 60 1/32.

Merrill Lynch

initiated coverage of

El Sitio

(LCTO)

-- an Internet network providing country-specific and regional content for Spanish and Portuguese-speaking audiences in Latin America and the U.S. -- as a near-term accumulate and long-term buy. The shares were up 1/2 to 29 1/2.

Bear Stearns

upgraded computer boxmaker

Gateway

(GTW)

to buy from attractive. Gateway was up 3 1/4, or 4.8%, to 71.

Merrill upgraded home builder and mortgage finance company

Lennar

(LEN) - Get Report

to near-term accumulate from neutral. Lennar shares were down 1/4, or 1.6%, to 15 11/16.

Deutsche Banc Alex. Brown

downgraded

Tandy

(TAN) - Get Report

, the owner of

Radio Shack

, to buy from strong buy on concerns about the quality of the company's earnings. Tandy was down 3 1/2, or 8.9%, to 36 5/16.

First Boston upped the price target of semiconductor company

Texas Instruments

(TXN) - Get Report

to 165 from 140. Texas Instruments was up 6 1/16, or 4.3%, to 153 3/16.

First Boston upgraded e-commerce software developer

Transaction Services

(TSAI)

to strong buy from buy. Transaction Services was up 13 7/16, or 48.4%, to 41 3/8.

Merrill Lynch rolled out coverage of

TriQuint Semiconductor

(TQNT)

with an intermediate accumulate, long-term buy rating. The shares were up 4 1/16 to 114 1/8.

Merrill upgraded shipping titan

Union Pacific's

(UNP) - Get Report

near-term rating to buy from accumulate. Union Pacific was down 2 to 37 1/4.

Miscellany

Eaton

(ETN) - Get Report

lost 1 1/16 to 64 1/2 after it said it hired

Goldman Sachs

to study the sale of equity in its semiconductor operations. Eaton said the sale would involve less than a 20% equity interest in its business.

priceline.com

(PCLN)

, the Internet company that allows consumers to bid on everything from T-bone steaks to airplane tickets, said it named Heidi Miller as chief financial officer. Shares rose 2 7/8, or 5.5%, to 54 3/4. Miller, who was formerly chief financial officer at

Citigroup

(C) - Get Report

, will also join priceline.com's board of directors and become senior vice president of strategic planning and administration. Now if she could only do something about those

commercials.

Qualcomm

(QCOM) - Get Report

was sliding 10 1/16, or 7.1%, to 136 1/2 after

The Wall Street Journal

reported that China would delay its approval for a Chinese mobile-phone network that would use the company's CDMA technology. According to the

Journal

, some foreign business leaders think the postponement might be a bargaining tactic launched before the U.S.

Congress

debates support for China's admission into the

World Trade Organization

.