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(INTC) - Get Intel Corporation (INTC) Report

was down 23.6% -- more than 14 points at the open after issuing its first warning in two years, and the chip bellwether was pulling down other tech stocks.

Chipmakers showed big losses, with the

Semiconductor Index


down 6.7%. Among other major tech issues,

Sun Microsystems

(SUNW) - Get Sunworks, Inc. Report

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was down 2.9%;


(ORCL) - Get Oracle Corporation Report

was off 3.8%; and

Cisco Systems

(CSCO) - Get Cisco Systems, Inc. Report

fell 4%.

Several analysts downgraded Intel.

Merrill Lynch

said demand remains strong for some tech companies, however, and selling such stocks as Cisco would be an "overreaction."