JDSU ( $12 )hits fresh year lows on worse than expected quidance rivals down
By Haitham Haddadin
NEW YORK, June 14 (Reuters) - Shares of JDS Uniphase Corp. (NasdaqNM:JDSU - news) (Toronto:JDU.TO - news) sank to new 52-week lows in U.S. after-hours trading on Thursday after the world's largest supplier of fiber-optic components cut its quarterly sales estimates.
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Putting a damper on the shares of rivals and other technology issues, JDS Uniphase shares were last quoted at $12.30 on the Instinet electronic order-matching system, down sharply from a close of $13.81 on the Nasdaq.
The stock, which sank as low as $12.05 in the aftermarket, breached its previous 52-week low of $13.0625.
After the close, JDS Uniphase said continued weakness in telecommunication carrier spending would hit its sales. The company cut its fourth-quarter sales forecast to $600 million from earlier projections of $700 million. It also said it expects first-quarter sales to reach only $450 million.
Rival Ciena Corp. (NasdaqNM:CIEN - news) moved lower to $43.32, adding to a loss of $4.03 in the regular session when it closed at $44.67.
Corning Inc. (NYSE:GLW - news) fell to $15.89 after-hours versus a close at $16. Corning shares lost $1.35 in regular trade on the New York Stock Exchange after brokerage firm Merrill Lynch lowered its intermediate-term rating on the fiber-optic cable maker, saying sales may be weak over the next few quarters.
The Nasdaq-100 after hours indicator was down 8.55 points, or 0.50 percent, based on trading after the close in the tech-laden market's biggest tech stocks.
Other big movers after-hours included Adobe Systems Inc. (NasdaqNM:ADBE - news), which initially fell to $38 versus its close at $39.01, but later rose to $39.35. The publishing software maker posted lower quarterly earnings, but the results beat expectations as its revised Acrobat program saw strong demand.
Stocks fell to seven-week lows in the regular trading session as an earnings-weary market was rocked further by the prospect of a failed merger between heavyweights General Electric Co. (NYSE:GE - news) and Honeywell International Corp. (NYSE:HON - news).
Warnings had earlier come from companies ranging from an old-economy giant, ketchup maker H.J. Heinz Co. (NYSE:HNZ - news), to electronic parts maker CTS Corp. (NYSE:CTS - news).
In other activity, Microchip Technology Inc. (NasdaqNM:MCHP - news) rose to $23.75 after-hours from its close at $23.33. The semiconductor company reaffirmed its financial guidance for its fiscal first quarter citing a decrease in the number of customers delaying orders despite the slowing U.S economy.
Advertising heavyweights Interpublic Group of Cos Inc. (NYSE:IPG - news) and True North Communications Inc. (NYSE:TNO - news), which are set to merge, cut their quarterly profit outlooks because of continued weakness in the global advertising market. Their shares were not active after-hours.
Total aftermarket trade volume was set at more than 69 million shares by 5.41 EDT. This compared with a total of 40.3 million issues that changed hands during Wednesday's after-hours session.
The blue-chip Dow Jones industrial average (^DJI - news) tumbled 181.49 points, or 1.67 percent, to 10,690.13 in regular trade. The tech-laced Nasdaq Composite Index (^IXIC - news) lost 77.59 points, or 3.66 percent, to 2,044.07. |
