Intel's CEO Discusses Q4 2012 Results - Earnings Call Transcript
I read the earnings call transcript, especially the Q&A. The problematic thing is that Intel's costs are increasing more than revenues and earnings will be lower for 2013. They are specifically spending an additional $4B with ASML (above and beyond the $11B per year they are already spending on capital expenses), this will be spread over both 2013 & 2014. This should drive profits in 2015 & 2016 and maybe beyond... but for now the weight of higher expenses and lower profits will hang over the stock. I have been bullish, but I cannot justify holding the stock in 2013, maybe I will buy back in Jan 2014.