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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

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, 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

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and the sale of a plant to

Nortel

(NT)

.