(Updated from 7:31 p.m. EDT)
The after-hours market found a guiding light this evening in optical component maker
, up $8.19, or 11%, to $82.63 on
ECN and ahead $7.94, or 10.7%, to $82.38 on
. JDS was both platforms' most-active stock.
In postclose action, JDS posted pro forma first-quarter earnings of 18 cents a share, above the
First Call/Thomson Financial
estimate of a 16-cent profit and more than double the year-ago 8-cent result. First-quarter revenue jumped 23% from fourth-quarter levels and 171% from a year ago, to $786.5 million for the period.
In a conference call with analysts this evening, JDS Uniphase raised its targets for its second quarter and fiscal 2001, citing strong sales across its product line to a growing number of customers. That move really got the after-hours crowd going, after initially tentative postclose activity.
During the regular session, JDS was off for much of the day but then rallied ahead of its eagerly anticipated earnings announcement. On the heels of
disappointing revenue results Tuesday night, networking and optical equipment stocks suffered a major selloff yesterday. Indeed, JDS dropped 25% on Wednesday.
reported in a separate
story , JDS Uniphase's strong results suggest that it has shaken off latest-period troubles at its customer
, which accounted for 22% of JDS's business in recent quarters. Lucent had a troubled week: Along with posting an earnings shortfall, it dismissed CEO Rich McGinn.
reported this news in a
On the back of JDS's impressive results, the company's acquisition target
was up $27.44, or 11.4%, to $268 on Island. Similarly, optical components manufacturer
popped $7, or 6.8%, to $110 on Island and Instinet. And fiber-optic equipment supplier
advanced $4.63, or 7.2%, to $68.88 on Island.
On the downside tonight, shares of biotechnology giant
dropped $8.56, or 12.4%, to $60.44 on Island and fell $9, or 13.1%, to $59.50 on Instinet, on the back of its third-quarter earnings release. The company posted a profit of 33-cents per share, outpacing the 28-cent analyst estimate and above the year-ago 28-cent result. At the same time, though, Amgen lowered this year's sales projections for its lead drugs, Epogen and Neupogen.
, which provides Internet search and traffic management technology, dropped $8.02, or 9.7%, to $74.98 on Instinet, in reaction to a profit warning. The company, which posted a fourth-quarter pro forma profit of 7 cents, beating Wall Street's forecast of a 5-cent result, reported that an upcoming acquisition will be a drag on earnings during the first part of fiscal 2001.
Overall, the late-day and evening gains in technology issues were striking, considering earlier events today and this week. With 90 minutes left in the trading day, the
Nasdaq Composite Index was down some 140 points, but ultimately mustered up a 184-point gain to end the day up 42.6 points to 3272.1. The
Dow Jones Industrial Average, helped along by its technology components,ended up 53.64 to 10380.12.
Wondering how the market will open tomorrow? At last look, the
S&P 500 futures on
were up .77 to 1379, about five points above
fair value as calculated by
, and indicating a bit of positive sentiment for tomorrow's open. The thinly traded
futures were ahead 36.5 to 3264, about 68 points above fair value as calculated by
, and showing upward pressure for the Nasdaq's start on Friday.
This information is provided by Instinet, a wholly owned subsidiary of Reuters (RTRSY) . For further information, please contact Instinet at www.instinet.com.
Island ECN, owned by Datek Online, offers trading, mainly in Nasdaq-listed stocks, from 7 a.m. to 8 p.m. EDT.
explains how the rules change when the sun goes down in Investing Basics: Night Owl, a section devoted to after-hours trading.