Intel

(INTC) - Get Report

was down 0.9% in early trading after

U.S. Bancorp Piper Jaffray

analyst Ashok Kumar said the chipmaker could be heading toward the valuations it sank to in 1998, which would suggest a price in the high teens.

Kumar also said he does not expected a sustainable recovery for the PC market until the second half of 2002.

PC maker

Dell

(DELL) - Get Report

lately was up 0.5% while

Compaq

(CPQ)

lately was up 2.9% and

Gateway

(GTW)

lately was up 0.9%.