Big Earnings Warning After The Close

Stocks were lower on a host of earnings warnings.
Not even lower oil seemed to help. Oil fell for a fifth straight day, the
longest losing streak since August and the biggest weekly decline since
December.

Trucking company USF Corp. helped drag down the transports–and the
market. The transportation average fell -3%, the largest 1-day decline since
August 2004.

USF [
(
USFC |
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PowerRating) warned for Q1; profits fell by more than half.

The Wall Street Journal reported that Time Warner and Comcast will buy
Adelphia for  $12 billion.

Accenture
(
ACN |
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PowerRating) reported a 70% rise in Q2 earnings.

After the close, Ford
(
F |
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PowerRating) cut its Q1 earnings view and now sees
$1.25-1.50 for 2005.

CNET News reported that Advanced Micro Devices
(
AMD |
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PowerRating) will launch
its new dual processing ships ahead of schedule–as early as next month.

Cardinal Health
(
CAH |
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PowerRating) received a subpoena from Eliot Spitzer as
part of an industry-wide probe.

Marshall Carter is the new NYSE Chairman; Mr. Carter is the former had
of State Street.        

Weak sectors were:  Transports
(
$TRANX.X$ |
Quote |
Chart |
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PowerRating) -2.74%
   Natural Gas
(
$XNG.X |
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PowerRating) -1.94%  Oil Services
(
$OSX.X |
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Chart |
News |
PowerRating) -1.93%    

Stocks in the News

Emulex
(
ELX |
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PowerRating) guided higher, citing stronger demand.