Robertson Stephens cut estimates on Gateway (GTW).
Analyst Eric Rothdeutsch says Gateway announced Q3 operating results will fall substantially short of its previous guidance of a slight operating loss. He says operations were impacted by a substantial fall-off in business after the September 11 attacks, and deeper-than-anticipated losses as Gateway extended its European operations. Rothdeutsch says he'd stay on the sidelines pending better visibility into the company's metamorphosis into a local technology solutions provider.
He widened his $0.13 2001 loss estimate to a $0.25 loss, and cut the $0.03 2002 EPS estimate to a $0.02 loss. He rates Gateway market perform.