Morgan Stanley Dean Witter downgraded Intel ( INTC) 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), was losing ground in preopen trading, down $4.38 to $37, a 10% loss.

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