Last night,

Intel

(INTC) - Get Report

beat lowered fourth-quarter estimates by a smidge, posting earnings of 38 cents a share, a penny better than analyst estimates. Its revenue came in at $8.7 billion, exactly what was expected.

The results were not impressing anyone, though, not after a flurry of preannouncements and warnings have chilled Wall Street's outlook on the economy. Intel was one of the bigger companies to issue a warning, which weighed heavily on the minds of analysts, who are paid to figure out how much money these behemoths will be pulling in.

And the latest humdrum earnings release from Intel won't help things much, not with the chipmaker also saying first-quarter revenue will decline about 15% due to a worldwide economic slowdown and seasonal issues.

TheStreet.com

wrote more about the

earnings announcement in a separate story, while the analysts made their picks this morning.

  • Merrill Lynch cut Intel's 2001 earnings estimate to $1.17 a share from $1.41 a share, while adjusting its revenue forecast to $36 billion from $38.1 billion.
  • Credit Suisse First Boston cut its 2001 earnings estimate to $1 a share from $1.45.
  • Goldman Sachs cut its 2001 estimate to $1.05 a share from $1.40.
  • Prudential Securities cut its 2001 estimate to $1.02 from $1.55.

Intel wasn't alone. Other tech names were also on the receiving end of analyst scissors.

Morgan Stanley

clipped

Compaq's

(CPQ)

2001 earnings outlook to $1 from $1.19 while

Dell

(DELL) - Get Report

was trimmed to 86 cents from $1.07 a share.

Upgrades

eBay

(EBAY) - Get Report

: UP to buy from market perform at

Deutsche Bank Alex. Brown

.

Support.com

(SPRT) - Get Report

: UP to strong buy from buy at CSFB.

Downgrades

Burlington Resources

(BR) - Get Report

: DOWN to market perform from buy at

Lehman Brothers

.

Commerce One

(CMRC)

: DOWN to long-term accumulate from long-term buy at

Robertson Stephens

.

Emerson Electric

(EMR) - Get Report

: DOWN to hold from buy at CSFB.

Genuity

(GENU)

: DOWN to outperform from strong buy at Morgan Stanley.

Home Depot

(HD) - Get Report

: DOWN to hold from strong buy at

Prudential Securities

.

Linux

(LNUX)

: DOWN to neutral from buy at

W.R. Hambrecht

.

Macromedia

(MACR)

: DOWN to neutral from buy at Merrill.

Netopia

(NTPA)

: DOWN to long-term accumulate from long-term buy at Robertson Stephens.

USInternetworking

(USIX)

: DOWN to near-term neutral from near-term accumulate at Merrill.

Initiations

Art Technology Group

(ARTG)

: NEW market outperform at Goldman Sachs.

New Focus

(NUFO)

: NEW buy at CSFB.