Updated from 6:34 p.m. EST

Optical stocks have captured the spotlight for a second after-hours session in a row, as results from

JDS Uniphase

(JDSU)

hit the Street. Other volume movers tonight include

PMC Sierra

(PMCS)

,

Qualcomm

(QCOM) - Get Report

,

Sawtek

(SAWS)

,

BroadVision

(BVSN) - Get Report

and

MedImmune

( MEDI) .

JDS Uniphase Slips on Mixed Report

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After the closing bell, JDS Uniphase reported that it beat Wall Street's fiscal second-quarter earnings estimates, but warned that growth will slow sharply during the company's fiscal third quarter, due to a slowdown in telecom spending.

The supplier of fiber-optic components posted earnings of 21 cents a share, topping Wall Street's estimates of a 19-cent result. Sales rose 18% from first-quarter levels and jumped 161% from year-ago results, hitting the $925 million. Analysts were looking for revenue of $924 million. Pro forma results include revenue from the June 30 acquisition of

E-Tek

and exclude merger-related charges, purchased intangibles, amortization, payroll taxes on stock option exercises and activity related to equity investments.

Similar to

Corning's

( SDLI) announcement last night, JDS cautioned that uncertain customer inventory and spending prospects would dampen revenue in the third quarter. For fiscal 2001, JDS forecast sales growth of 115% to 120%, at the low end of its previous forecasts. The company, however, reaffirmed earnings projections for 2001 of 82 cents per share, a penny above estimates.

In recent action, shares of JDS decreased 3.1% to $53.47 on

Instinet

TST Recommends

and

Island

ECN. Elsewhere in the sector, Corning slipped 0.7% to $55.88 on Instinet and

SDL

( SDLI) declined 3.1% to $193.02 on Instinet and shed 3.6% to $192.06 on Island. And shares of

Ciena

(CIEN) - Get Report

lowered 5.1% to $85.50 on Instinet and declined 6% to $84.63 on Island.

PMC-Sierra Plummets Late in the After-Hours Session

Like so many companies with earnings news these days, PMC-Sierra announced results for the previous quarter that met expectations, but gave a discouraging outlook for the months ahead.

The chipmaker stated fourth-quarter earnings of 34 cents a share, in line with expectations. For the first quarter, the company said that revenue would fall 26% to 31% to $160 million to $170 million from the fourth quarter, due to a build-up in inventories and declining orders.

For 2001, the company said it expected revenue to grow 30%, or to about $904 million, below analysts' estimates. The company's revenue estimate is dependent on chip demand picking up in the year's second half and PMC Sierra returning to sequential quarterly growth of 8% to 12%.

Shares of PMC-Sierra plunged 33.2% to $64 on Instinet and Island. The stock is likely to put pressure on the chip sector tomorrow.

Qualcomm Sees Mixed Action

This evening, Qualcomm reported that it beat Wall Street's earnings targets, but fell short of consensus revenue estimates. Going forward, the wireless communications company said that it was comfortable with analysts' estimates for the current quarter and year.

Qualcomm reported first-quarter earnings of 29 cents a share, topping consensus estimates of a 28-cent result. The company earned 27 cents in the year-ago period. Revenue fell to $684 million from $764 million a year ago, and was lower than the consensus estimate of $705.1 million.

In after-hours trading, Qualcomm gained 0.8% to $74.50 on Instinet but lost 0.1% to $73.88 on Island.

Sawtek Sinks on Sour Guidance

Not every wireless company had as much luck as Qualcomm in the extended session. Though Sawtek posted fiscal first-quarter results that beat expectations, news that the company expects a flat second quarter hurt its stock on the night watch.

For the first quarter, Sawtek posted earnings of 46 cents a share, topping analysts' estimates of 42 cents a share. The company earned 23 cents a share in the year-ago period. Revenue increased 50% to $47.8 million from $31.8 million.

The company said that earnings and revenue for the upcoming quarter would be in line with results posted in the same period a year ago. Wall Street had been looking for the company to earn 43 cents in the second quarter, compared to 29 cents in the second quarter of 1999.

Shares of Sawtek plunged 28.6% to $27.50 on Instinet and tanked 27.1% to $29.05 on Island.

BroadVision Falls on Earnings Miss

News that BroadVision stated has missed Wall Street's fourth-quarter estimates has hit its stock hard in the postclose session.

The manufacturer of enterprise software said that it earned 3 cents per share, compared to analysts' target of 5 cents per share. The software manufacturer earned 3 cents a year ago. Revenue came in at $136.9 million, compared to forecasts of $133 million.

At last look, BroadVision had dropped 19.7% to $11.94 on Instinet and lowered 18.9% to $12.06 on Island.

MedImmune Weakens on First-Quarter Forecast

Earlier this evening, MedImmune announced earnings for its fourth quarter that topped Wall Street's expectations, but cautioned that first-quarter numbers would fall short of analysts' predictions.

The biotechnology company announced earnings of 37 cents a share, topping consensus estimates of a 35-cent result. But going forward, MedImmune said that earnings for the first quarter would fall between 34 cents and 36 cents, compared to Wall Street's 38-cent target.

Because investors are hanging on every word of companies' earnings outlooks, MedImmune shed 4.6% to $42.07 on Instinet.

This information is provided by Instinet, a wholly owned subsidiary of Reuters( RTRSY). For further information, please contact Instinet at www.instinet.com.

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