111.   Already nervous investors got an additional jolt when New York-based Schlumberger and Houston-based Diamond Offshore both reported lower-than-expected earnings.

112.   All four companies have just reported strong earnings.

113.   All the companies that reported earnings today are involved in making either the phones themselves or the equipment for cellular phone networks and exchanges or both.

114.   Also, the company will report its earnings tomorrow and is expected to make analysts happy.

115.   AlliedSignal Inc. led the decline after reporting earnings that matched analyst expectations.

116.   Bristol-Myers Squibb and American Home Products also reported earnings Thursday.

117.   Both companies are to report earnings today after the market close.

118.   Brazilian stocks rose, led by Telecomunicacoes Brasileiras SA, after the state-controlled telephone company reported higher earnings for the first five months.

119.   But Amoco reported earnings that fell short of estimates.

120.   But a dead giveaway is when a company reports earnings despite a negative cash flow.