Apple Computer

(AAPL) - Get Report

was down 48% as

Nasdaq

trading opened, pulling other tech stocks down in the wake of its earnings warning. Four analysts downgraded Apple and other computer issues, although

Merrill Lynch

countered that investors should not consider Apple's woes a sign that PC demand is weak. Falling anyway were

Gateway

(GTW)

, off 9%, and

Dell

(DELL) - Get Report

TST Recommends

, down 5%.

IBM

(IBM) - Get Report

and

Compaq

(CPQ)

, however, both edged higher. Slumping also were

Intel

(INTC) - Get Report

, down 3.1%, and

Cisco

(CSCO) - Get Report

, down 2.9%.