"It is more difficult to raise capital," he told analysts a couple of weeks ago, without discussing interest rates.

The company has used up most of that cash, it told analysts last month.

The company also told analysts yesterday that circulation in the newspaper group was up over all.

He told analysts the airline needed to act quickly but set no deadline.

The company told analysts that afternoon it would report bad news after the market closed, and almost immediately the stock began to fall.

Financial advertising volume was off nearly 50 percent, he told analysts during a morning conference call.

The company told analysts it expected that earnings for 2003 would grow at 14 or 15 percent over 2002.

The two companies told analysts the combination will save $600 million in fuel costs over 10 years.

Executives told analysts that they had no immediate plans to take the company public.

"We don't have a better crystal ball than you do," he told analysts.