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Technology Stocks : How high will Microsoft fly? -- Ignore unavailable to you. Want to Upgrade?

To: sandeep who wrote (53628)	11/29/2000 5:50:32 PM
From: Harvey Allen	Read Replies (1) \| Respond to of 74651

Gateway shares plummet on earnings warning Gateway shares plummet on earnings warning Gateway expects matters to continue to worsen in 2001. The company lowered its earnings-per-share estimate for 2001 to $1.89, down from $2.28 In a conference call, Gateway chief financial officer John Todd said the company had been comfortable with earlier estimates until the Thanksgiving weekend, when the usual sales failed to materialize. "Historically, we see a significant spike over this Thanksgiving weekend," he said. "PC sales were down 30 percent over Thanksgiving week...For the first time we are seeing the impact of economic slowing." For the quarter, PC revenue will likely be down 9 percent, Todd said. Jeff Weitzen, Gateway CEO, added that the company is not suffering from any execution or operational issues. "It is purely a question of consumer demand," he said. In a statement, Todd said the problems won't clear up anytime soon. news.cnet.com