Intel

(INTC) - Get Report

was down 2.7% in preopen

Island

trading.

ABN Amro's

analyst repeated his add rating and 12-month target of $54 on the chipmaker "in the face of negative investor sentiment" on all PC-related stocks.

Other chip stocks were also down as computer maker

Hewlett-Packard

(HWP)

sent shudders through the tech sector.

Applied Materials

(AMAT) - Get Report

was down 6% after

Credit Suisse First Boston

cut its 2001 earnings estimate to $2.85 from $3.25.