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Technology Stocks : Dell Technologies Inc.

DELL 122.55

+4.4%

Nov 21 9:30 AM EST

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To: Sig who wrote (168333)	1/8/2002 5:07:01 PM
From: stockman_scott	Read Replies (1) of 176387

Gateway cut to junk status by Moody's NEW YORK, Jan 8 (Reuters) - Moody's cut Gateway Inc.'s (NYSE:GTW - news) credit ratings to junk status on Tuesday, and warned it may cut the ratings again, one day after the personal computer maker warned its fourth quarter sales will fall short of expectations, sending its shares down 25 percent. The rating agency cut San Diego-based Gateway's ``issuer'' and senior unsecured ratings one notch to ``Ba1,'' its highest junk grade, from ``Baa3.'' Downgrades can increase borrowing costs. Gateway said late Monday it has no long-term debt; Moody's said Gateway has an unused $1 billion shelf registration and an unused $300 million revolving credit line. Moody's said Gateway has ``good near-term liquidity,'' but that the downgrade reflects ``growing concerns regarding the company's ability to maintain or grow revenues and market share in the intensely competitive U.S. personal computer market'' and hamper its ability to return to profitability. Gateway said on Monday that revenue in its fourth quarter, typically its best, would total about $1.16 billion, below the $1.39 billion that analysts polled by Thomson Financial/First Call expected. It said unit sales would drop 15 percent from the third quarter to 700,000; Gateway had forecast a rise.

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