Gateway (GTW) was down 18.5% in early trading, hitting a 52-week low of $11.80. The company posted a second-quarter loss late Thursday of 2 cents a share excluding charges, below the loss of 1 cent expected by analysts and down from a profit of 36 cents in the year-earlier period.

The PC maker said it expects to break even for the second half, adding that unit sales would increase in the third and fourth quarters but may not reach year-ago levels.

The company said it would restructure its U.S. sales organizations, including possible layoffs.

Compaq

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was down 3.1%, and

Dell

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was down 3.4%.