JDS Uniphase

(JDSU)

was down 8.8% in midafternoon.

WR Hambrecht

reiterated its buy rating but reduced its revenue estimates and lowered its 2001 earnings forecast to 81 cents from 82 cents, saying that near-term growth prospects for the fiber-optics giant might be "more challenging" than anticipated.

U.S. Bancorp Piper Jaffray

, which reiterated its strong buy, said it expects the company to raise revenue guidance and lower its earnings estimate next week to reflect Tuesday's approval of its merger with

SDL

(SDLI)

and the sale of a plant to

Nortel

(NT)

.