Qwest ( Q) posted a steep second-quarter loss,reduced its financial guidance and said itwouldn't file its next quarterly report withregulators by the deadline. The company said in a Thursday morning pressrelease that it had reached its long-stated goalof achieving positive free cash flow, as defined byoperating cash flow minus capital spending,in the period. Qwest reached this milestone in part byslashing capital spending by more than 75%from year-ago levels, to $618 million. But investors are likely to be unnerved by news of the company's inability to file aquarterly report covering the period, possibly untilmuch later, along with scant informationabout Qwest's highly anticipated sale of its directorybusiness. Qwest, whose shares have lostmore than 90% of their value this year as Wall Streethas worried about its liquidity along withthe possible impact of various criminal and regulatoryinvestigations, closed Wednesday at $1.20.