The musings of analysts on Korn Flake (KFY) - from Zacks Investment Research:

Korn Flake's third fiscal quarter will end 31 April, and analysts see a the company reporting a loss, with a likelihood to return into the black at the end of its fiscal year.

My take is that its loss will be below the estimated average, and Korn will continue to bleed into the next quarter. That's my cautious estimate based on the fact that the firm has the majority of its revenues in the US and Western Europe, two markets where hiring is not yet following stock markets trends. The freeze has definitely not yet turned into a thaw. But again, that's my bet.

The coming earnings conference call will yield more insights on how Korn will fare for the reminder of the year.

Now let's have a look at Heidrick & Struggeling (HSII)

Although earnings estimates for both firms follow similar trends, Heidrick is rated by analysts following the firm as a strong sell; while Korn is still regarded as a stock to "hold" on to. IMHO this an indication of a smell in the air that worse is still to come, an omen not yet picked up by those reading the tea leaves on Korn's future fortunes. Heidrick will announce its first quarter results soon, on Tuesday 28th April.

I bet my penny both Korn and Heidrick will sink further in the dolldrums, and the impact of the crisis in the US and Western Europe will catch up with their balance sheets and analysts alike. Note that a major source of inordinate fat fees completely imploded, i.e. banking, private equity and venture capital which made up a large share of billing in their New York, London, Frankfurt and Hong Kong offices.

Spring will be interesting. Stay tuned.