I'll wait for the savings from mobile to lead to a higher share price and see what happens in the memory business. From the statements above, the modem deal with Apple seems to be established (my impression). That may lead to a higher share price as well. Once that's the case, I'll at least trim my position.
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I think there is a serious case to be made for trimming positions in Intel. However, we have to watch the following considerations that can cause a real breakout for Intel stock price.
(1) Looks like Paul Otellini was dragging his feet hoping that the Tablet fad would run out. Since it continued for much longer, BK had no choice but to jump in with both feet investing rather heavily. This is a case of damned if you do, damned if you don't. I think BK's approach though expensive, was pragmatic. With ongoing cuts and recent pull back from mobile, savings may be significant.
(2) The normal cyclical upswing from June/July till Nov/Dec for Intel should start any time now. There is not much of a down side for Intel with any increase in Fed rates (June?).
(3) High likelihood of Apple modem business win. This might propel wins from other smartphone vendors (Xiaomi, Huawei, ZTE, LG, Motorola, etc. Not sure about Samsung since they are fabbing for QCOM).
(4) Memory/Storage - 3D NAND, Optane, and 3DXP in DIMM. There is going to be a significant jump in Intel's memory business, I see no other reason for Intel to break out the memory business from Q1 2016.
I'm looking at high-30s to sell some calls in the mid-to-high 40s. Get some income and if the stock reaches the mid-to-high 40s, it will be good to get out and get in later if there is a pull back.
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