JDS Uniphase Continues Decline, Hits 52-Week Low
JDS Uniphase
(JDSU)
was down 7.5% in early trading after hitting a 52-week low of $29.25. In a speech, the optical-equipment maker's CEO said it was examining its options in the wake of a major warning last week from rival
Nortel
(NT)
.
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Nortel issued its warning and its shares plummeted just two days after it closed a stock deal for JDSU's Zurich plant. JDSU CEO Jozef Straus said the company is not considering a lawsuit.
Late Wednesday, JDSU said it bought
Optical Process Automation
. Terms were not disclosed. Nortel was down 2.6%.
UBS Warburg
cut its 2001and 2002 earnings estimates and sliced its price target to $27 from $30.
