cross compiler bug ? (ia64,asm)

[Wallace Wadge]

I am running gcc version 3.2.2 20030222 (Red Hat Linux 3.2.2-5) hosted
on x86 and generating code for IA64.

In my .S file, I have the following:
movl r25=(1 << 64) - 1

assembling and objdump'ing gives movl r25=0x0 instead of 0xffffffff as
I'd expect. 

Am I missing something?

Thanks,
Wallace