Nortel (NT) was down 0.3% in preopen Instinet trading. After the close Thursday the telecommunications equipment maker met twice-lowered estimates by posting a first-quarter loss of 12 cents per share. Including charges, the loss was 82 cents per share.

Nortel said it would cut an additional 5,000 jobs, bringing the total cuts announced this year to 20,000. In addition, Nortel's CEO told

Reuters

the second quarter could se some improvement, and the decline in inventory appears "more impressive" heading into the second quarter.

Optical networker

JDS Uniphase

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(JDSU)

was up 7.4% in preopen

Island

trading after

W.R. Hambrecht

raised it to strong buy from buy, saying Nortel's comment on inventory has positive implications and the stock is likely to outperform its peers in the next six months.