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Intel (INTC) was down 0.1% in preopen Instinet trading after Lehman Brothers analyst Dan Niles cut his 2001 earnings estimate to 65 cents per share from 70 cents and lowered his 2002 outlook to 75 cents from 80 cents.

Niles also lowered estimates for two other chipmakers. He cut his 2001 forecast for

Texas Instruments


to 65 cents from 70 cents per share and reduced his 2002 estimate to 90 cents from $1.

Niles lowered his 2001 estimate for

Cypress Semiconductor


to 50 cents from $1.36 for 2001 and to 75 cents from $1.78 for 2002. Niles cited significant deterioration in the companies' second-quarter book-to-bill ratios. He maintained a market perform rating on all three.

Texas Instruments was up 0.6% on Instinet. Cypress had not yet traded.

Salomon Smith Barney

also cut earnings estimates for Intel.