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Intel Upgraded and One of Few Winners in the Dow

On an all around bad day for the markets in general and tech specifically,

Intel

(INTC) - Get Report

was one of the few bright spots.

The chipmaker was raised to outperform from hold at

ABN Amro

, giving some good news to a company whose stock has been crushed lately.

But not everyone is convinced. The folks at

Credit Suisse First Boston

downgraded Intel to buy from strong buy.

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Merrill Lynch

upped its fourth-quarter earnings per share estimate to 43 cents a share, up a penny from its previous estimate, but said that its was concerned about 2001. With that in mind, it cut Intel to long-term accumulate from long-term buy.

Since hitting a 52-week high of $75.81 less then two months ago on Aug. 28, Intel has lost more than half its value. It closed yesterday on the

New York Stock Exchange nearly $40 lower than that high mark, ending the day at $36.19.

Fears of a slowdown in the semiconductor industry, concerns that Intel is hemorrhaging market share and a

nasty warningfrom the company have all combined to torpedo the stock's value.

Today looks like a mixed bag. On one hand, ABN Amro said its confidence in Intel rose after hearing a conference call about the company's

third-quarter earnings, which came in at 41 cents a share, exceeding reduced estimates by three cents a share. On the other, Intel is down nearly 10.1% this month.

Intel was lately up $2.13 to $38.38, one of the few positive movers in the

Dow Jones Industrial Average.