Shares of CACI ( CAI) were among the NYSE's losers Thursday, plunging 16% after the information technology contractor slashed its fiscal 2007 guidance. The company now anticipates earnings of $2.45 to $2.65 a share for the year ending June 30, below its prior forecast of $2.91 to $3.15 a share. CACI predicts revenue of $1.875 billion to $1.95 billion, compared with its earlier projection of $2 billion to $2.1 billion. Analysts polled by Thomson Financial project earnings of $3 a share and revenue of $2.02 billion. "This revised guidance is based upon unexpected reductions in demand on contracts supporting certain operations and maintenance activities in the Department of Defense," the company said. For the second quarter ended Dec. 31, CACI estimates earnings and revenue will be at the low end of its previous guidance. In November, the company projected earnings of 65 cents to 72 cents a share on revenue of $475 million to $495 million. Analysts project earnings of 70 cents a share and revenue of $485.6 million. Shares were trading down $8.90 to $46.20. Applied Industrial Technologies ( AIT) fell 7% after the industrial products company's second-quarter revenue fell short of forecasts. For the period ended Dec. 31, the company earned $18.6 million, or 42 cents a share, up from $15.3 million, or 33 cents a share, a year earlier. The earnings matched analysts' mean estimate. Revenue rose to $472.4 million from $456.2 million, but missed Wall Street's forecast of $491.3 million. Applied Industrial said it now expects fiscal 2007 earnings of $1.80 to $1.85 a share. Previously, the company targeted earnings of $1.80 to $1.90 a share. The company sees revenue of $2.01 billion to $2.04 billion. Analysts project earnings of $1.87 a share and revenue of $2.06 billion. Shares were trading down $1.93 to $24.76.