Forbes magazine noted this in a recent issue http://www.forbes.com/forbes/2001/1015/059.html and http://www.forbes.com/forbes/2001/1015/058.html You'll have to sign up for a free membership to view it, but the gist is as you say. Norman > > There's also a disturbing trend in corporate results - whereas up > until last month, many large companies issued profit warnings blaming > the economic downturn, consumer softening of demand - usual excuses. > > (why is it that bad results are caused by economic conditions but good > ones are caused by strong management?) > > However, now those same companies are almost universally blaming > the events of September 11th: > > Cheers > Martin