<<I still don't know WTF happened as I can't search the web. Who laid a turd?>>
GTW, GPS and ALTR. GTW's was pretty dramatic:
dailynews.yahoo.com
Wednesday November 29 5:06 PM ET
Gateway: Slow Holiday Sales to Hit Results Hard
NEW YORK (Reuters) - Personal computer maker Gateway Inc.(NYSE:GTW - news) said on Wednesday it expected fourth-quarter sales and profits to be significantly lower than Wall Street estimates because consumer holiday PC sales have been much weaker than expected.
Gateway, the No. 4 maker of PCs for the U.S. market, said it expected to report revenue of about $2.55 billion for the fourth quarter, about equal to the same period the previous year, and $500 million below previous estimates.
Gateway said it expects operating income of at least 37 cents per share -- 25 cents below analyst consensus estimates. Gateway also will take a one-time charge of about $200 million, or 39 cents per share, related primarily to the write-down of the company's investments in techhnology-based companies.
Including the charge to earnings, Gateway said it could report a loss of 2 cents for the fourth quarter.
Gateway made the announcement after the stock market close, and its shares dropped $8 to $21-1/2, on Instinet in after hours trading. That was about 27 percent off the regular session close of $29.50, which was down $1.50 from Tuesday's close on the New York Stock Exchange (news - web sites).
Other computer and semiconductor stocks were dragged down by the news, with Compaq Computer Corp. at $20-1/2, down from a regular close of $22.70, and Intel Corp. down to $39-1/4 from its close of $42-3/4.
`We expect consumer sales to continue ramping up this quarter, but it is now obvious to us following the Thanksgiving weekend that they will not grow sufficiently to allow us to meet previous consensus for EPS and guidance for revenue,'' Chief Financial Officer John Todd said in a statement``The economic slowdown, coupled with on-going shifts in PC seasonality, clearly had a significant impact on our sales over the holiday weekend,'' Todd said.
The company said it is guiding profit estimates lower for 2001. Gateway now expects earnings per share of $1.89 for the full year 2001, lower than the previous consensus estimates of $2.28.
`We expect these issues will continue to have an effect on overall demand over the next 12 to 18 months,'' said Todd.
Gateway shares fell nearly 5 percent ahead of the news, after a Merrill Lynch analyst lowered his sales estimates for the San Diego-based company. Gateway had closed down $1.50 at $29.50 in regular New York Stock Exchange trading.
Gateway shares are well off a year-high of $81.50, falling along with other out-of-favor PC makers. The stock, which until recently had been outperforming the S&P 500 index, now underperforms it by more than 50 percent for the year. |
