Mega-cap stocks like Intel usually don't crash the morning after earnings; they trend down for quite some time until capitulation. I think you are right. This stock could trend down into the teens--just like CSCO did--as more and more fund magagers decide it is too ugly for their portfolio. Not until after that will it turn back around. Big ships like these take longer to turn around.
It should trend down to $19-and-change.... maybe lower.... before enough value investors come in to prop it back up.