A lot of the good news is already baked into the share price. We'd be on the sidelines and wouldn't put fresh money into Intel.

Frankly, a lot of semiconductor stocks are priced to perfection and in the absence of really positive news, the stocks are a little overdue for a pullback.

They have been moving toward just-in-time style of production, so I'm sure that led to the shortfall.

The Street was expecting $4 billion, so on the capital spending front it was a disappointment.

This is a very good report, as expected. It's clearly a very strong quarter, and they're executing very well to get gross margins to the high end of their expected range.

They're a complete anomaly in the chip sector.