They became particularly concerned when stories began emerging earlier this year that Compaq was negotiating to buy Gateway or another, smaller direct seller, Micron Electronics.
Now, as the marketing director at Micron Electronics, which is trying to revive its personal computer business, he has gone over the top.
Shares of Micron Electronics fell $1.875, to $11, in Nasdaq trading.
Its larger deals so far have involved Mattel's Learning Company, the educational software group, in October 2000; and Micron Electronics' personal computer business last April.
Web.com was originally started as Micron Electronics and sold computers mostly to government entities.
Micron Electronics, which produces computing systems and products, reported earnings of $19.7 million, or 20 cents a share, up 40 percent from a year earlier.
Micron Electronics rose to $18.125 from its close of $17.875.
Also yesterday, Micron Electronics said that its personal computer business grew only 5 percent in the quarter, below analysts' expectations.
Micron Electronics took on a new focus-bundling computers and Internet services.
Many resellers became alarmed last month when reports emerged that Compaq had been negotiating to buy both Gateway 2000 and Micron Electronics.