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The Night Watch: JDS Uniphase Skids After Gloomy Forecast

Other telecommunications stocks and equipment makers are suffering in the extended session.
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Another company added to the rather bleak big picture tonight.

Stocks were wading lower during Thursday's extended session after JDS Uniphase (JDSU) reported a fourth-quarter loss, announced more job cuts, and lowered its sales target for the first quarter, citing the absence of any positive signs in the industry.

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Shares of the optical telecommunications components maker, which were halted before the announcement, recently tumbled 13.4% to $8.20 on

Instinet

. JDS was the most heavily traded outfit on both Instinet and

Island

ECN. The late players were taking it out on related companies in the telecom and fiber-optic sectors.

Corning

(GLW) - Get Corning Inc Report

lately gave up 0.4% to $15.49, while

Ciena

(CIEN) - Get Ciena Corporation Report

lost 0.6% to $31.25.

Certain blue-chip tech outfits slid.

Cisco

(CSCO) - Get Cisco Systems, Inc. Report

and

Intel

(INTC) - Get Intel Corporation (INTC) Report

were among those tonight that inched lower on light to moderate volume.

Traders had to digest earnings releases from all segments of corporate America. And not all were taken badly. For starters, shares of

Qualcomm

(QCOM) - Get QUALCOMM Incorporated Report

climbed after the company reported third-quarter earnings that beat analysts' expectations by a penny. Its pro forma earnings dipped to $174.4 million, or 22 cents a share, from $218.1 million, or 27 cents a share, in the same period last year. The stock recently gained 4.4% to $62.27 on Instinet.

Software firm

Verisign

(VRSN) - Get VeriSign, Inc. Report

gained 8.2% to $51.05 on Instinet after announcing a second-quarter loss of $11.2 billion, despite posting higher sales for the quarter. Excluding amortization and the write-down of goodwill and other assets, pro forma net income for the quarter was $52.6 million, or 25 cents a share, compared with $10.3 million, or 7 cents a share last year.

Meanwhile, biotech company

Amgen

(AMGN) - Get Amgen Inc. Report

, which posted second-quarter earnings that topped Wall Street's expectations by 2 cents, was climbing. The shares lately gained 4% to $60.00 on Island.

Starbucks

(SBUX) - Get Starbucks Corporation Report

steamed higher on its third-quarter earnings of $46.8 million, or 12 cents a share, up from $34.9 million, or 9 cents a share. The quarter's earnings came in line with expectations. The Seattle-based company also reaffirmed its full-year 2001 earnings outlook. The late players on Instinet lately bid up the shares by 1.1% to $19.20.

Exodus Communications

(EXDS)

rose 4.6% to $1.13 on Island after posting a slightly smaller-than-expected loss for its second quarter. The company reported a loss of 25 cents, compared with a loss of 11 cents in the same period last year, beating analysts' lowered expectations by a penny a share.

Island ECN offers trading mainly in Nasdaq-listed stocks, from 7 a.m. to 8 p.m. EST.

Confused?

TheStreet.com

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explains how the rules change when the sun goes down in Investing Basics: Night Owl, a section devoted to after-hours trading.

Other Stocks in the News:

Barnes & Noble.com

(BNBN)

said its second-quarter pro forma loss totaled $31.4 million, or 20 cents a share, beating the consensus estimate by a penny. The company lost $49.7 million, or 31 cents a share, in the year-ago period. Sales for the period were $83.7 million, a 2.9% increase last year's $81.4 million in revenue. The company also said it expects a loss of 19 cents to 23 cents in the third quarter, which is in line with the consensus estimate of a loss of 21 cents.

Human Genome Sciences

(HGSI)

lost 16 cents a share in its second quarter, excluding a charge of 3 cents a share. Analysts were looking for a loss of 15 cents in the latest period. The company lost 15 cents a share a year ago.

Chipmaker

LSI Logic

(LSI) - Get Life Storage, Inc. Report

posted a second-quarter loss, before items, of 6 cents a share, beating Wall Street's estimates by a penny. Revenue dropped to $465 million from $644 million in the same period a year ago.

Micron Electronics

(MUEI)

has named a new group of directors to run the combined company after its planned acquisition of

Interland

. Micron Electronics' chairman and CEO, Joel J. Kocher, will retain those titles at the combined company, which will be named Interland. David Buckel will be chief financial officer.

Friday's Economic Data:

(

Forecasts are from

Reuters

. Times are Eastern. For a longer-term economic calendar and more, see

TSC's

Economic Databank.

)

8:30 a.m.:

Gross Domestic Product for Q2--advance. Source:

Commerce Department. Forecast: +0.9%. Previous: +1.2%.

Implicit price deflator:

Forecast: +2.3%. Previous: +3.2%.

10 a.m.:

Consumer Sentiment Index for July--final. Source:

University of Michigan

. Forecast: 93.6. Previous: 93.7 (July preliminary) 92.6 (June).

10 a.m.:

Existing Home Sales for June. Source:

Census Bureau. Forecast: 921,000. Previous: 928,000.