NEW YORK (CNN/Money) - Investors are waiting to see if the markets are able to pull a rally out of the hat Friday to close the trading week on an up note after a disappointing day for stocks Thursday.

Shares of American Healthways (AMHC: Research, Estimates), operator of health care programs, fell $3.03 to $28.97 in after-hours trading after the company cut its revenue guidance for fiscal 2003 to a range of $165 million to $180 million from an earlier estimate of $180 million to $195 million.

The company Thursday posted a third-quarter profit of 28 cents a share, up from 16 cents a year ago. Analysts had forecast a profit of 26 cents a share.

Shares of software maker Cognos (COGN: Research, Estimates) fell $2.90 to $27.00 in after-hours trading after the company posted a first-quarter profit in line with analysts' estimates but set its second-quarter profit guidance between 15 and 18 cents a share, which would fall below the current First Call consensus estimate of a profit of 19 cents.

Shares of Solectron (SLR: Research, Estimates) fell 51 cents to $3.88 in after-hours trading after the supplier of electronics manufacturing services on a contract basis posted a much wider loss of 10 cents a share for its third quarter, compared with a loss of 4 cents a year ago.

Analysts had forecast a loss of 3 cents a share. The company also warned that it expects to post a loss of between 2 and 6 cents a share in its fourth quarter, wider than the First Call consensus estimate of a loss of 1 cent a share.

Shares of Cubist Pharmaceuticals (CBST: Research, Estimates) fell 91 cents to $9.50 in after-hours trading after the biotech company said it expects the Food and Drug Administration (FDA) to complete its priority review of the company's Cidecin drug to treat infections on or before Sept. 20, 2003, a three-month extension from the original date of June 20.

In earnings news, CarMax Group (KMX: Research, Estimates), the specialty retailer of used cars and light trucks, reports results for its first quarter. Analysts expect the company to post a profit of 34 cents a share, up from 29 cents a share a year earlier.

There are no economic reports on tap for Friday.