Intel's Impressive Q4 Beat Triggers…Major Tech Selloff?

Intel (INTC) last night reported Q4 results that were, by any measure, well above expectations. Q4 revenue was up 28 percent year-over-year, and EPS beat by a dime, even before backing out the company’s one-time payment to settle its litigation with Advanced Micro Devices (AMD). The big beat figured to set up the market to rally this morning; but as it often does, the market has defied expectations, and tech stocks are selling off big time.

Several of the more bearish Intel analysts noted this morning that the company’s impressive Q4 gross margin–64.7 percent, up 7 points sequentially and 12 points year over year–may be as good as it gets. Auriga analyst Daniel Berenbaum this morning wrote in a research note that “gross margin arguably peaked for the cycle in Q4, which could prove a headwind for the stock.”

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