Earnings continue to be the major theme for companies releasing news this week. But a more ominious tone is being played louder and louder on Wall Street. What is it? Profit warnings. For more on what experts are saying about next quarter (as well as this one), check out Today's Market: Wall Street Frets as Recovery Timeline Extends.

Earnings Reports & Warnings:

DuPont

(DD) - Get DuPont de Nemours, Inc. Report

beat lowered second-quarter estimates but warned of a third-quarter shortfall. The chemical company said it earned $432 million, or 41 cents a share, excluding one-time items. Wall Street had been expecting the company to earn 53 cents a share, but then the company warned and the consensus dropped to 40 cents a share. In the year-ago period, the company earned $949 million, or 90 cents a share. Revenue dropped to $7 billlion, from $7.9 billion last year. The company said it expects the third quarter to be "substantially more challenging." DuPont also expects earnings comparisons in the third quarter to show a sequential decline at least as great as that seen in the second quarter.

DuPont Photomasks

( DPMI) reported earnings that badly missed lowered earnings estimates for the fiscal fourth quarter, and the company warned of a first-quarter shortfall. The company said it earned $100,000, or a penny a share, excluding special charges. Analysts lowered their consensus of 52 cents to 9 cents a share after the company warned in June. Revenue slipped to $92.8 million from $93.4 million in the year-ago period. The company also said it expects to post a loss of 35 cents to 70 cents in the first quarter, which is well shy of Wall Street's expectations of a 15-cent profit.

Martha Stewart Living Omnimedia

(MSO)

met earnings estimates for the second quarter, but profits dropped a penny a share from the year-ago period. The company said it earned $5.2 million, or 11 cents a share, in the period, below the $6 million, or 12 cents a share, in the same period last year. Revenue inched up to $69.7 million from $69.2 million in last year's quarter.

SBC Communications

( SBC) beat Wall Street's estimates as earnings grew to $2.1 billion, or 61 cents a share, before one-time items. Analysts on average were projecting a profit of 57 cents a share. The company's bottom line was $1.9 billion, or 56 cents a share, in the year-ago period. Revenue, including that from its Cingular Wireless joint venture, grew to $13.6 billion, a 3% increase.

Schlumberger

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said earnings totaled $187 million, or 32 cents a share, up 20% from the $156 million, or 27 cents a share, in the year-ago period. Analysts expected earnings of 38 cents.

Texaco

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handily beat estimates as it posted earnings of $817 million, or $1.50 a share, in the second quarter. Analysts were expecting $1.27 a share. The company earned $641 million, or $1.17 a share, in the year-ago period.

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Xerox

(XRX) - Get Xerox Holdings Corporation (XRX) Report

met Wall Street's estimates when it lost $68 million, or 10 cents a share, excluding special items in the second quarter. The company earned $201 million, or 27 cents a share, in the year-ago period. The company also warned that it may not return to profitability until the fourth quarter.

In Overnight Activity:

PeopleSoft

(PSFT)

, which makes enterprise resource planning software, posted second-quarter earnings of $46 million, or 14 cents a share, compared with $16 million, or 6 cents a share, in the year-ago period. The results included a favorable after-tax adjustment to existing restructuring reserves of $2.6 million and an after-tax acquisition charge of $1.1 million. According to Thomson Financial/First Call, analysts on average expected the company to earn 12 cents a share. Revenue surged 27%.

Microsemi

(MSCC)

warned that fourth-quarter sales would likely come in flat with the third quarter. In its third quarter, Microsemi, which makes chips that go into missile systems, jet engines and oil field equipment, topped analysts' expectations by a penny with pro forma earnings of 33 cents a share, up from 22 cents a share in the same period last year.

Infospace

(INSP) - Get Inspire Medical Systems, Inc. Report

, an Internet and wireless content provider posted a pro forma profit, excluding charges, of a penny a share, down from 3 cents a share last year. But that was enough to top analysts' expectations of a 2-cent-a-share loss.

Lam Research

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beat analysts' expectations by 5 cents a share. The chip equipment maker announced fourth-quarter earnings of 19 cents a share, down from 45 cents a share. Analysts called for earnings of 14 cents a share. Fourth-quarter sales fell 21% from the previous quarter.

QLogic's

(QLGC)

first-quarter earnings met expectations, but the bottom line declined from the previous quarter, courtesy of the ongoing slowdown in demand for storage networking products.