diff -r 30553ac3e355 -r 65b178f30eae mercurial/commands.py
--- a/mercurial/commands.py	Tue Mar 09 16:03:57 2010 +0100
+++ b/mercurial/commands.py	Tue Mar 09 20:38:23 2010 +0100
@@ -564,6 +564,10 @@
         revs, checkout = hg.addbranchrevs(repo, other, branches, revs)
         o = repo.findoutgoing(other, force=opts.get('force'))
 
+    if not o:
+        ui.status(_("no changes found\n"))
+        return
+
     if revs:
         cg = repo.changegroupsubset(o, revs, 'bundle')
     else: