Avanex

,

(AVNX)

a maker of fiber-optic products, was down 22.5% in preopen

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Island

trading. After Tuesday's close, the company said third-quarter earnings would be 2 cents to 3 cents, below the

First Call/Thomson Financial

estimate of 6 cents.

The company also lowered its full-year earnings forecast to the 15- to 16-cent range. The Street's current estimate is 25 cents. Avanex said domestic orders have slowed.