Robbie Stephens Trims Gateway Outlook
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.