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(INTC) - Get Intel Corporation Report

was down 2.7% in preopen



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

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sent shudders through the tech sector.

Applied Materials

(AMAT) - Get Applied Materials Inc. Report

was down 6% after

Credit Suisse First Boston

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