joke used to be that

JDS Uniphase's


ticker stood for Just Don't Sell Us.

Not anymore. The telecom equipment maker has fallen on hard times, last night posting a big loss for the quarter ended June 30, taking down its already reduced revenue expectations for the current quarter and writing down $44.8 billion in goodwill. JDSU shares are getting crushed in today's trading, lately down 11% at $8.43.

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The hell of it is that yesterday the stock rose 7.7% in regular trading, riding in the slipstream of Corning (GLW) - Get Corning Inc Report, which reported better-than-expected earnings Wednesday night. If things weren't as bad as previously thought at Corning, investors apparently surmised, maybe things weren't all that bad in general. Never mind the reams of awful news that had been daily hitting the wires. Never mind that the just-released durable goods report showed second-quarter orders for communications equipment shrinking by 26% from the first quarter.

"People are looking for any excuse to buy these stocks," says Josephthal chief investment strategist Larry Rice. "Tech has always been the focus, and that continues, even though it's gotten decimated."

It's strange that there are still investors who continue to try to dip-buy in technology, despite all that's happened. True, buying on the dips was a great strategy throughout the latter half of the 1990s. But during that period, tech companies saw unprecedented growth. Back then, when the Nasdaq sold off, it did so on fears that some outside force -- the Asian currency crisis, the Russian debt crisis -- would somehow derail that growth. Growth continued unabated (heck, it actually accelerated), and so tech stocks bounced right back and then went higher.

But now tech's growth


been derailed. The reason dip-buying worked in the past isn't there anymore. Those who buy on each jog down in hopes of a rocket-ride higher are, in essence, hoping they'll wake up one day to find the sharp contraction in the tech business never occurred.

Perhaps the best thing would be for JDS Uniphase to move from the Nasdaq to the Big Board. It could shorten its ticker to JD: Just Don't.