Intel's Bombshell

    European Early Update: One Word -- Intel

    Asian Markets Update: Intel Whacks Asian Tech Shares

    Wall Street Gets Soaked by Intel's Surprise

    Spread the Word: Tech Companies Plenty Exposed Over There

    More Than 1,000 Funds Get Clocked by Intel Warning

    Intel's Warning Wreaking Havoc in After-Hours Action

    This is like initiating coverage on Custer with a sell rating after Little Big Horn, but for what it's worth, analysts have been downgrading, cutting estimates and sounding pretty negative on

    Intel

    (INTC) - Get Report

    this morning after the chip maker issued an earnings warning yesterday telling the market that revenue would fall short of expectations.

    A multitude of analysts have taken action on Intel this morning, after some freely admitted being

    wrong in supporting the company yesterday.

    Merrill Lynch

    cut earnings estimates and suggested that other factors besides Europe could be at work, including inventory and demand issues. Merrill,

    Lehman Brothers

    ,

    Credit Suisse First Boston

    and

    PaineWebber

    have notably not changed their ratings -- just lowered estimates.

    Deutsche Banc Alex. Brown

    downgraded the company to market underperform from strong buy, as did

    Chase Hambrecht & Quist

    .

    Analysts have also taken action on other technology companies.

    Alex. Brown and Chase H&Q also lowered their ratings on competitor

    Advanced Micro Devices

    (AMD) - Get Report

    , both to market perform from buy.

    SG Cowen

    cut its ratings on

    Applied Materials

    TheStreet Recommends

    (AMAT) - Get Report

    and

    Brooks

    (BRKS) - Get Report

    to buy from strong buy, and also lowered ratings on

    Credence Systems

    (CMOS)

    ,

    Nova

    (NVMI) - Get Report

    ,

    Photronics

    (PLAB) - Get Report

    and

    PRI Automation

    (PRIA)

    .

    Salomon Smith Barney

    also downgraded Intel to outperform from strong buy.

    Merrill Lynch has defended other technology companies with European exposure, including

    Cisco

    (CSCO) - Get Report

    and

    Nortel

    (NT)

    , but it did warn of worries for tech giant

    Microsoft

    (MSFT) - Get Report

    , saying Europe could affect that company as well.