Updated from 9:55 a.m. EDT

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 rating on

Applied Materials

(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, and

Prudential Securities

downgraded Intel to accumulate 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.

Upgrades

Anheuser-Busch

(BUD) - Get Report

: price target UP to $52 from $47.50 at

UBS Warburg

.

Axa Financial

(AXA)

: UP to buy from accumulate at Merrill Lynch.

Choice Hotels

(CHH) - Get Report

: UP to buy from outperform at Salomon.

Downgrades

Georgia-Pacific

(GP)

: third-quarter EPS DOWN to 83 cents from 88 cents at Alex. Brown.

Lernout & Hauspie

(LHSP)

: DOWN to underperform from neutral at Lehman.

Micron Technology

(MU) - Get Report

: DOWN to outperform from buy at Salomon.

Morgan Stanley Dean Witter

(MWD)

: Fiscal 2001 EPS DOWN to $6.00 from $5.55; fourth-quarter EPS DOWN $1.55 from $1.75 at Salomon.

Temple-Inland

(TIN)

: third-quarter EPS DOWN to $1.02 from $1.05 at Alex. Brown.

Valassis Communications

(VCI)

: DOWN to neutral from buy at Merrill, and down to buy from strong buy at CSFB.

Initiations

Amerada Hess

(AHC) - Get Report

: NEW hold at UBS Warburg; price target of $70.

Genaissance Pharmaceuticals

(GNSC)

: NEW strong buy at UBS Warburg; price target: $30.

Johnson & Johnson

(JNJ) - Get Report

: NEW neutral at Lehman.

Knight Trading

(NITE)

: NEW buy at

W. R. Hambrecht

.

TiVo

(TIVO) - Get Report

: NEW buy at CSFB.

Group Moves

Alex. Brown sliced its rating on three radio stocks:

  • Entercom Communications (ETM) - Get Report: DOWN to buy from strong buy.
  • Citadel Communications (CITC) : DOWN to market perform from buy.
  • Emmis Communications (EMMS) - Get Report: DOWN to market perform from buy.