INTC had prior periods where G collapsed and they managed to get the G back in, this company spends oodles on R&D (15% of sales) and their depreciation fully covers their capex (last year they spent more but this year they are going to spend less on capex), They could quite easily go to a buck a share in earnings next year, and close to half a buck in "excess" R&D, I would not write them off here in the under $20/share area, certainly much too late to short... I actually expect them to go to the $22 area on the next ramp, then you may want to consider a short (and MU is a better candidate at around $25/6).
Zeev
