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To: Dealer who wrote (26703)	7/26/2000 4:20:31 PM
From: Dealer	Respond to of 35685

JDSU--REPORTED 14 per share JDS Rallies in Furious Trading Ahead of Upside Earnings Surprise By TSC Staff 7/26/00 4:13 PM ET Shares of JDS Uniphase (JDSU:Nasdaq - news) traded furiously late Wednesday, as investors scarfed up shares of the optical equipment maker ahead of its addition to the S&P 500 index and its second-quarter earnings report. By the end of the day, some 132 million shares of JDS had traded, representing around six times' average daily volume. The stock climbed 5 3/16, or 4.5%, to 130 3 1/16. Merrill Lynch has estimated that S&P 500 index funds would need to buy 57 million JDS shares at the close. Interestingly, shares of SDL (SDLI:Nasdaq - news), which JDS announced July 10 that it would acquire, declined. Over the past three sessions, the spread between JDS and SDL has widened appreciably. It is difficult to tell if this is because investors reckon the deal is less likely to go through because of regulatory hurdles, or if arbs were simply unwilling to play the indexing game. JDS, which has been on a buying spree in the high-profile Internet equipment business, is due to report earnings Wednesday afternoon. The company is expected to report a profit of 12 cents a share.