He computes a MODIFIED "DISCOUNTED EARNINGS" model valuation of Intel as $34.30. Since Intel has low debt,he added in the BOOK VALUE of $8.34 per share. If you remove the $8.34 for a standard discounted earnings calculation, you get $34.30 - $8.34 = $25.96 per share.
Hmmmm. $26 per share with strong support at the $21 to $22 per share level (200-dma = $20.73).
Anyone counting on INTC selling in the "teens" should hedge their bets. Anyone counting on INTC selling for much greater than $25.96 in the near future try to relax. Either of these "might" happen but there will have to be a big suprise from INTC or market for it to happen.
Intel is in so many ETF & mutual fund ETF for the DJI, SP500, SP100, Russel1000, NASDAQ, .... that there will be strong bias in the market direction. It is likely that these index ETF/Mutul funds ar responsible for well over half INTC volumes.