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To: Dealer who wrote (26705)	7/26/2000 4:26:43 PM
From: cowgirl-ona-1eyed-horse	Read Replies (2) \| Respond to of 35685

Here ya go... Please join us for our Fourth Quarter FY 2000 Earnings Conference Call WEDNESDAY, JULY 26, 2000: 1:00 pm PDT / 4:00 pm EDT Earnings Release 1:30 pm PDT / 4:30 pm EDT Conference Call DIAL-IN NUMBERS: For callers in North America 800-230-1093 For international callers 612-332-0107 TELEPHONIC REPLAY: For callers in North America 800-475-6701 / access code 524957 For international callers 320-365-3844 / access code 524957 An audio webcast and replay will also run on our web site at jdsunph.com.

To: Dealer who wrote (26705)	7/26/2000 5:30:48 PM
From: bowledover	Read Replies (2) \| Respond to of 35685

"post-game analysis" I'm wondering if anyone else tried to sell JDSU, stock or option, between 3:45 and 4? I expected a rush, wanted to get rid of a Dec call so I sent a market order at 3:51; had noticed on the CNBC tape that J was inching up from about 135 to 138/139 from 3:30 to 3:47, but somewhere during that time SDLI stopped and stayed at about 390 - interesting. I know J moved up and SDLI didn't. Anyway, I'm checking my order status screen and notice it is not getting filled; by 3:55 I'm wondering (honestly only a little suprised - usu. my market orders always get filled right away - granted things should have been backed late today, still I'm wondering). I check the option bid/ask, which dropped from the time I entered the order, they are the same! a minute later big spread (was 1/8, now 1 full point)and dropping. So I finally call Seibert and ask if the order will be filled etc.. Don't get in on the phone till after 4. Two calls later I'm told, by a helpful person: there was a "locked and cross" market on JDSU from about 3:45/3:47 to closing. 'Locked' means the (not sure what the customer service rep said, offer or ask) the 'x' is lower than the bid (I assume he meant ask although I think he said offer) and that is illegal according to him and the trading manager he discussed this with. MM's have 30 seconds to clear that but he said they didn't this afternoon. Moreover, 'cross' means the bid/ask is the same (he kept saying 'quarter,quarter' which I assume is shorthand for the bid/ ask was equal to the fraction, e.g. 26 3/8//26 3/8, which I think I saw at about 3:55). This is also a problem. He said somebody was putting in a fraction bid and then they or someone else immediately put in the same fraction bid to 'jam the system' apparently. According to the trading manager this was kept up for the last several minutes of trading. So it appears somebody was screwing around at the end to hold the price down, prevent trades, something .... Interesting. One more confirmation of Voltaire's view of the houses I'd guess (I've always agreed with that general sentiment). The customer service rep said it was up to NASD (?) to straighten out what happened. To conclude, I was told there would be a 'closing rotation' and my order would 'probably' get filled. At what price? Good guess. I must admit I don't care, just wanted out. It was Dec 140 which nose-dived after the SDLI announcement and I was/am so happy just to get the money back - the S&P announcement saved it. (I hold JDSU stock long, but have gotten nailed three times, buying calls and then it drops, since last winter.) I thought Bonnie was correct to short it (remember I'm long) - good report or no, I suspect it drifts down until the deal is completed. Still, interestingly, it was down to about 130 after hours and now (5:22) is 133. Let's hope she gets her money back. Just noticed that J is 134 and SDLI 386, way off the premium, and well below the difference of 3.2/3.3 established the last few days. Wonder what that may mean. One more thought - gradually I've been coming around to RR's view (and others), buy ITM/deep ITM. In the past I almost always bought OTM, better leverage. Now, tired of that level of volatility and the endless time needed to recover, if it does. ITM, with patience, looks better. Interesting learning experience. bowledover