Zeev's Turnips Patch-No Politics (ZEEV)

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CNF Inc warns of weaker than expected results
Tuesday June 24, 6:08 pm ET

Punkle Comment: This is a $5B Transportation Company announcing a very big miss. How can you be 47% off a forecast delivered in April in a predictable business like this? This tells me we could get quite a few more of these...Also, the transports lead the way.

NEW YORK, June 24 (Reuters) - CNF Inc. (NYSE:CNF - News), the cargo hauler that owns airfreight-carrier Emery Worldwide, on Tuesday warned that its second-quarter profit could be as much as 47 percent below its forecast in April, citing a weak economy.
CNF said it now expects to report second-quarter earnings of between 26 cents and 31 cents per share. That would be sharply below the company's April forecast that second-quarter operating income would come in between 42 cents and 49 cents per share. It would also trail Wall Street's consensus estimate of 41 cents a share, as compiled by tracking firm Thomson First Call (News - Websites).

"The weak economy continues to affect all of our businesses, particularly North American operations at Menlo Worldwide Forwarding," said Gregory Quesnel, CNF's chief executive, in a statement.