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To: Sully- who wrote (22835)	6/20/2000 5:14:00 PM
From: Sully-	Respond to of 35685

Tuesday June 20 4:48 PM ET Major JDS Block Trade Leads Nasdaq Market Volume OTTAWA (Reuters) - Shares in JDS Uniphase Corp. (NasdaqNM:JDSU - news) (Toronto:JDU.TO - news) led volume trade on Nasdaq on Tuesday as a block sale of 7.7 million shares valued at $962.5 million was executed by CIBC World Markets and Banc of America. It is widely believed that JDS Uniphase's largest shareholder, Furukawa Electric Co. Ltd. (5801.T) sold the stock and that a handful of institutional buyers purchased the shares. ``There's been a block around for a while and the seller has been rumored to be Furukawa -- I think it's doubtful that it's anybody else,'' said Kevin Slocum, telecommunications analyst at Wit SoundView. ``They tried to print it last week (the deal) and the seller walked away because they weren't getting the price that they liked.'' Speak your mind Discuss this story with other people. [Start a Conversation] (Requires Yahoo! Messenger) JDS Uniphase, the world's No. 1 supplier of parts for fiber-optic telecom equipment, could not confirm the buyer or seller. ``If it's a beneficially owned block of stock, that information only shows up when people file form 144s and statements of beneficial ownership,'' said a JDS spokeswoman. The risk-based transaction was made when the market opened on Tuesday as JDS stock hit the seller's price target of $125 a share, said Tom Ortwein, head of equity capital markets at CIBC in New York. He would not identify the buyer or seller. JDS shares later dipped 4-1/16 on Nasdaq on Tuesday afternoon to trade at 123-1/4 on a volume of 30.9 million shares. The stock has moved between a 52-week high of 153-6/16 and a low of 18-6/16. On the Toronto stock exchange, the issue dropped C$5.25 to C$181.25 in light volume. Furukawa, a Japanese electric wire and cable maker, owned 17.15 percent of JDS's common and exchangeable shares, according to a March 13 beneficial ownership filing. The holding included 8.9 million common shares and 135.8 million exchangeable shares. Furukawa sold 1.39 million JDS shares after that filling. ``They've been a periodic seller so there's nothing earth-shaking about it...gradually they're peeling off their position,'' said Slocum. ``They haven't really gone out there and constantly dribbled stock on the market, they've showed up every few months with a block to sell, they've sold it and they've gone away.'' CIBC also executed a JDS deal in December 1999 worth $410 million for a split-adjusted 3.64 million shares priced at 112-5/8. ``This group has been one of the most active in the last several months -- the fiber optics, photonics related companies,'' said Ortwein. ``A lot of these stocks have had huge run-ups in prices and have become very liquid in the last couple of months, and so it was a terrific opportunity for institutions to be able to add to positions in an attractive price.'' ($1-$1.47 Canadian) dailynews.yahoo.com