Computer Associates, one of the world's largest software companies, issued a profits warning only minutes before the start of Independence Day, the US national holiday.

Releasing market-sensitive information so close to markets closing for a day and in the middle of a long-weekend holiday for many Americans is likely to draw fire from the Securities Exchange Commission, the US market regulator.

The announcement, which blamed weak European sales and contract delays, How much more sneaky can you get?" The episode will do little for the image of Computer Associates, which has been attempting to repair previous damage to its reputation. Computer Associates has an operation in Dublin.