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abstract: |
    We present a color-magnitude diagram for a region $1'-2'$ from the center of M32 based on [*Hubble Space Telescope*]{} WFPC2 images. The broad color-luminosity distribution of red giants shows that the stellar population comprises stars with a wide range in metallicity. This distribution cannot be explained by a spread in age. The blue side of the giant branch rises to $M_I \approx -4.0$ and can be fitted with isochrones having \[Fe/H\] $\approx-1.5.$ The red side consists of a heavily populated and dominant sequence that tops out at $M_I
    \approx -3.2,$ and extends beyond $V-I=4.$ This sequence can be fitted with isochrones with $-0.2 <$ \[Fe/H\] $< +0.1,$ for ages running from 15 Gyr to 5 Gyr respectively. We do not find the [*optically*]{} bright asymptotic giant branch stars seen in previous ground-based work and argue that the majority of them were artifacts of crowding. Our results are consistent with the presence of the [*infrared*]{}-luminous giants found in ground-based studies, though their existence cannot be directly confirmed by our data. The tip of the metal-poor portion of the giant branch occurs at the luminosity expected if M32 is at the same distance as M31 but is too sparsely 