Here are some highlights from last week's earnings coverage from BloggingStocks:

• Accenture Ltd. (NYSE: ACN) lower Q4 earnings met analysts' expectations but the Q1 outlook was weak.
• Cal-Maine Foods Inc. (NASDAQ: CALM) posted a Q1 net loss and said it will skip its dividend this quarter.
• Cephalon Inc. (NASDAQ: CEPH) earnings prospects for 2010 resulted in an analyst's downgrade.
• Darden Restaurants Inc. (NYSE: DRI) Q1 earnings beat by a penny but revenue fell short of estimates.
• Gannett Inc. (NYSE: GCI) shares rose after it forecast Q3 earnings above Wall Street estimates.

Shares of Accenture (NYSE: ACN) are trading in the red in after hours trading today following the company's fiscal fourth quarter earnings release and a weaker than expected first quarter forecast.

For the quarter, the company reported that it had earnings of 39 cents per share. Excluding a previously disclosed restructuring charge, earnings were in line with analyst estimates for 63 cents per share for the quarter.

Autumn has arrived and the quarter winds down this week. The Dow has been inching toward 10,000 for a while now, though it closed lower in the past three sessions. Can it make it to 10,000 for the start of the third quarter? If so, what will push it higher? If not, what will drag it down further?

• Monday is Yom Kippur, the most solemn of the Jewish holidays; trading likely will be lighter than usual. In the evening, the FDIC meets to discuss how to rebuild the Bank Deposit Insurance Fund.
• Tuesday, the Consumer Confidence Index for September is due and the SEC holds a public meeting to consider more short sale actions.

Infosys Technologies (NASDAQ: INFY) increased its first quarter profits by 17% by tapping new markets and wrangling in 27 new clients, according to the Financial Times. The second-largest software services exporter in India, Infosys even scored some major clients, such as Waitrose, a top-shelf food retailer in the United Kingdom. Tough economic conditions can tend to favor companies that provide outsourcing services -- as well as consulting services with high, easily justifiable returns on investments (ROIs).

Nonetheless, this is a competitive space, and Infosys did caution that IBM (NYSE: IBM), Accenture (NYSE: ACN) and Hewlett-Packard (NYSE: HPQ) will be formidable global foes. With the announcement, Infosys increased the lower end of its forecast for the year, expecting revenues to fall in the $4.45 billion to $4.52 billion range.

Here are some highlights from this past week's earnings coverage from BloggingStocks:

• Accenture Ltd. (NYSE: ACN) beat earnings expectations but revenue was hurt by currency effects.
• Bed Bath & Beyond Inc. (NASDAQ: BBBY) strong Q1 results beat estimates but same-store sales fell.
• CKE Restaurants Inc. (NYSE: CKR) lower Q1 earnings and strong sales both topped expectations.
• ConAgra Foods Inc. (NYSE: CAG) higher Q4 earnings were in line with expectations, and shares slipped.
• Darden Restaurants Inc. (NYSE: DRI) Q4 results were higher, but it warned of continuing challenges.
• Hennes & Mauritz (OTC: HMRZF) reported strong Q2 numbers, though same-stores sales slipped.

Accenture Ltd. (NYSE: ACN), a global consulting firm that also offers outsourcing and technology services, reported earnings after the close today. Earnings per share for the quarter ending May 31 were $0.68 on $5.15 billion in revenue, compared to the $0.64 average and $0.67 high expected from analysts. The consensus revenue target was $5.2 billion, and results were hurt by currency translation effects, which reduced U.S. dollar results by 12%. Year-over-year, EPS was down 8% from the $0.74 earned in the same quarter last year, with the difference again attributable to currency exchange.

Shares, which were up fractionally today, jumped almost 5% in after-hours trading following the earnings results.

Here are some highlights from this past week's earnings coverage from BloggingStocks:

• Accenture Ltd. (NYSE: ACN) said revenues and bookings both declined in the most recent quarter.
• Best Buy Co. Inc. (NYSE: BBY) reported strong Q4 results in the wake of Circuit City's demise.
• Carnival Corp. (NYSE: CCL) sailed past analysts' Q1 projections, sending shares higher.
• ConAgra Foods Inc. (NYSE: CAG) Q3 results topped analysts expectations and drove shares higher.
• DryShips Inc. (NASDAQ: DRYS) swung to a larger-than-expected Q4 loss and revenue slipped.
• DSW Inc. (NYSE: DSW) reported a bigger-than-expected Q4 loss as same-store sales declined.

For the most part, it looked like Accenture (NYSE: ACN) was weathering the economic storm. But according to the consulting firm's recent quarterly conference call, things drastically changed from December to January.

Just look at the results: Revenues fell 6.6% to $5.66 billion. However, the major flash point was bookings. That is, total bookings dropped 7.1% to $5.98 billion and consulting bookings were down 17% to $3.14 billion.

As the calendar quarter winds down, let's take look at some of this coming week's biggest expected earnings gainers.

Analysts surveyed by Thomson Reuters expect Memphis-based Fred's Inc. (NASDAQ: FRED) to report fourth-quarter earnings of $0.22 per share, 36.4% higher than a year ago, and revenue of $472.5 million, down 4.4%. For the full year, the forecast is for a profit of $0.66 per share on revenue of $1.8 billion, compared to $0.52 per share and $1.8 billion in the previous year. The discount retailer beat or met earnings estimates in the past three quarters. The long-term EPS growth forecast is 14.0%, which is better than the industry average and that of larger rival Walmart Stores Inc. (NYSE: WMT), and the forward PE ratio estimate is 15.0. In the third quarter, the company had more cash than debt. The consensus recommendation of analysts is to buy FRED. The share price has risen 2.7% since the beginning of the year to $11.05.

Satyam Computer Services (NYSE: SAY) stock has not opened for U.S. trading in days -- and if it did it would be down 91%. As I posted, its CEO announced that Satyam's financial statements were fraudulent and that means that its clients and 53,000 employees are up for grabs. In a world of shrinking budgets, Satyam's competitors ought to be eagerly feeding on the flesh of this crippled company.

Which competitors are likely to pick up the slack? Both Accenture (NYSE: ACN) and and International Business Machines (NYSE: IBM) are best positioned to feed on Satyam's corpse. And with the $50 billion a year market for offshoring experienced a growth slowdown from 29% in 2008 to 10% in 2009 -- those Satyam clients could help plug the growth gap,

There are three reasons why Accenture and IBM should gain:

• They each already supply most of Satyam's blue-chip corporate clients;
• They each have built up their Indian operations in recent years, so they offer Satyam customers the same skills at competitive prices; and
• They are not Indian companies and therefore are not under the same corporate governance cloud that Satyam's revelations spread to all of India's outsourcers.

It may not be too late to invest in Accenture -- which is much more focused on consulting -- to take advantage of this possibility. In the case of IBM, the pickings from Satyam may not be big enough to move its stock.

Peter Cohan is president of Peter S. Cohan & Associates. He also teaches management at Babson College. His eighth book is You Can't Order Change: Lessons from Jim McNerney's Turnaround at Boeing. He has no financial interest in the securities mentioned.

Here are some highlights from this past week's earnings coverage from BloggingStocks:

• Accenture Ltd. (NYSE: ACN) reported strong Q1 numbers as its clients sought ways to cut costs.
• Best Buy Inc. (NYSE: BBY) may interest short sellers despite its earnings prospects for 2009.
• International Paper Co. (NYSE: IP) to shed dead wood to reduce the impact of the recession on earnings.
• Manpower Inc. (NYSE: MAN) withdrew Q4 profit and revenue guidance, sending shares lower.
• Textron Inc. (NYSE: TXT) lowered its Q4 earnings forecast to well below analysts' estimates.
• Toyota Motor Corp. (NYSE: TM) forecast its first-ever loss for the fiscal year on lower demand/higher yen.
• Walgreen Co. (NYSE: WAG) missed Q1 expectations and announced cost cutting and store redesign.

Also, bank earnings will be hit next by cancelled M&A deals.

Earnings releases scheduled for early January include Navistar (NYSE: NAV), Bed Bath & Beyond (NASDAQ: BBBY), Constellation Brands (NYSE: STZ), Family Dollar (NYSE: FDO), and Monsanto (NYSE: MON).

Visit AOL Money & Finance for more earnings coverage.

While most companies are pulling back and announcing layoffs, Accenture (NYSE: ACN) continues to grow at a nice pace. Basically, the main headwind has been currency volatility, not problems with getting new business.

For the prior quarter, net income increased from $381.3 million, or $0.60 per share to $479.9 million, or $0.74 per share. Net revenues increased 6% to $6.02 billion. All in all, Accenture has done a good job with cost controls.

In the quarter, free cash flow was a solid $396 million. In all, Accenture has $2.78 billion in the bank.

Essentially, there was strength across all segments. Although, a big driver was outsourcing (the revenues were up 7%). That is, clients are looking to find ways to cut costs and find efficiencies. And this is the sweet spot for Accenture.

Interestingly enough, the company also thinks there may be an uptick in business from financial institutions. The reason: the industry is undergoing a big transformation. Thus, there will be a need for consulting services as well as outsourcing capabilities.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Streetsmart Guide to Short Selling: Techniques the Pros Use to Profit in Any Market. He is also the founder of BizEquity, a valuation website.

Earnings reports continue to dribble in as the quarter winds down. Much of the attention this week will be on homebuilders KB Home (NYSE: KBH) and Lennar Corp. (NYSE: LEN) as investors look for any sign that the housing sector has bottomed (home sales numbers are also due out this week; see below). Analysts surveyed by Thomson Financial anticipate that both companies will report that they narrowed their losses in the most recent quarter.

KB Home's expected $1.25 per share loss, on revenue of $725.5 million, compares to the previous quarter loss of $3.30 and to a year-ago loss of $6.19. However, KB Home's losses in the past few quarters have been deeper than expected. The Los Angeles-based homebuilder's long-range earnings growth forecast is 10.5%, less than the S&P 500. Analysts continue to recommend holding KB Home, and have for at least 120 days. Shares, however, reached a new 52-week high of $31.69 on Friday, and they are up 10.5% year to date.

Lennar is expected to post a loss of 52 cents per share, on revenue of $1.1 billion. That compares to the previous quarter's per-share loss of 76 cents and to a year-ago loss of $3.25. While Lennar also has tended in the past few quarters to miss expectations, the Miami-based company managed a positive surprise in the first quarter of 2008. Lennar's long-range earnings growth forecast is 10.3%, about the same as KB Home's. Analysts also recommend holding Lennar. Friday, shares of Lennar also reached a 52-week high, $27.75, but they are down 6.4% year to date.

This post is part of a series on some of the most memorable companies that have disappeared.

Arthur Andersen (1913 to 2002) spent decades as a leading accounting and consulting firm. Founded in 1913, it was once a member of the "Big 8" accounting firms, which later became the "Big 5." Andersen was the accountant for MCI and Worldcom. Even though it's been dead for six years, it left one offspring -- it spun off its Andersen Consulting unit in 1989. The renamed Accenture (NYSE: ACN) went public at $14.50 in July 2001 -- the share price is up 176% since then.

Andersen's downfall was its role as Enron's auditor. It used its credibility to bless Enron's special purpose entities and a whole host of illegal accounting. In 2002, the firm voluntarily surrendered its licenses to practice as CPAs after being found guilty of criminal charges, resulting in the loss of 85,000 jobs.

The lesson is to resist the lure of big money to pull you away from your values. Enron's pile of cash was irresistible to Andersen's leaders. And their lack of moral fiber cost a storied and proud firm its existence.

Peter Cohan is President of Peter S. Cohan & Associates. He also teaches management at Babson College and edits The Cohan Letter. He has no financial interest in Accenture.

Let us know in the comments what you remember about Arthur Andersen. And be sure to check out other Companies That Have Vanished.

It has been a rocky year for Wall Street, but even amid the uncertain market conditions there are some companies that are playing with a lot of cash. In addition, they know how to wisely use their funds, which makes them strong enough to beat any challenge.

One important factor that determines the stability of a company is its corporate cash flow. CNNMoney is looking at stocks with both healthy cash flow and a surplus of cash, which helps them avoid tough situations where they may need to raise their capital (check out its slideshow of these five picks). Another element that CNNMoney takes into account when picking companies is their ability to reinvest cash in ways that assure them a nice profitability.

Let's look at some of the companies that CNNMoney likes: