JDS Uniphase

(JDSU)

was up 3% in preopen

Island

trading.

After the close Tuesday, the fiber-optic equipment maker warned that earnings would be 17 cents a share for the quarter that ends March 4, below the Street's estimate of 21 cents. It also issued a full-year forecast that implies a 4 cent shortfall in the June quarter as well. The company, however, insisted it would be able to ride out the slowdown in telecommunications spending.

On Tuesday, JDS also completed its merger with

SDL

.