Updated from April 26 EDS ( EDS) has run into more glitches. To be fair, the computer services giant did manage to
meet profit expectations -- and even top revenue estimates -- for the latest quarter. It also grew contract bookings by one-third from last year's dismal levels. But it generated negative cash and trimmed its cash flow guidance for the year. It also issued new second-quarter and 2004 profit estimates that fall well below consensus estimates. Still, the company adopted a decidedly upbeat tone when announcing its latest results. "We are pleased with the progress we made in the quarter," CEO Mike Jordan stated. "We met our financial commitments, delivered excellent programs for our clients, finalized our leadership team and began to generate sales momentum. ... 2004 will be a year of execution where we continue to build EDS." Apparently, the market wanted far more. Shares of EDS slid 3.8% to $18.50 in early Tuesday trading.