Israel's

Gilat Satellite

(GILTF)

was down 46.3% in late morning after hitting a 52-week low of $17. The company posted fourth-quarter results of 82 cents a share excluding charges and a loss of 44 cents including the charges. The

First Call/Thomson Financial

estimate was 83 cents.

The satellite-systems maker also warned that earnings per share would be $1 in 2001 and $2 in 2002. The Street had been expecting $2.43 for 2001 and $3.57 for 2002.

Goldman Sachs

and

Merrill Lynch

downgraded the stock.