Morgan Stanley Dean Witter downgraded Intel (INTC) - Get Report this morning to neutral from outperform.

The firm also cut Intel's 2000 earnings to $1.68 from $1.70; 2001 earnings to $1.65 from $1.75. The tech giant, which manufactures chips for PC makers like

Dell

(DELL) - Get Report

, was losing ground in preopen trading, down $4.38 to $37, a 10% loss.