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.
I'm the only one predicting Intel will not break $20 at all. This bad news has been priced in already. Remember that the high this year was $29. I will be buying when everyone is panic selling, pick up some fat dividends (Intel dividends have never gone down), celebrate new year at $25, and sell in March at $30. And the reason I don't think it will break 20 is because there are a lot like me thinking the same thing. Everyone's put their limit orders to buy at $20. This is one time you might miss the boat if you get too greedy.
My charting suggests it will dip below $20, but that would be such a screaming buy it may not happen. There is a lot of alpha risk in all stocks right about now. I'd be very happy with $29 by Xmas 2013, that might be a median projection, but there is humongous uncertainty which means you need to discount that in projections.