This stock could be ‘very attractive’—after earnings

Intel is set to report earnings after Tuesday's bell. And at least one market participant is hoping that the numbers disappoint.

It hasn't been a great year for Intel. The stock is down nearly 13 percent in 2015. And in March, the semiconductor giant announced that first-quarter revenue would be lower than expected, due to poor demand and unfavorable macroeconomic conditions.

The preannouncement appears to have increased concerns around the actual results. Goldman Sachs' options research team reported last week that the options market is pricing in a 7 percent move for Intel shares off of earnings—nearly four times the size of its median move over the past eight quarters.

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And if that move comes to the downside, it could present an attractive opportunity, according to S&P Capital IQ equity chief investment officer Erin Gibbs.

No matter what the earnings results bring, "longer term, I still like this stock. I have it in a couple of our income/more defensive portfolio strategies because they still pay a 3 percent dividend yield, a 6 percent share buyback. So despite any volatility you might see, it's good long term."

Intel shares closed at $31.73 on Monday. Gibbs said that if the earnings "do disappoint and you see the stock go down to anywhere around $30.50, I actually see that as a very attractive point to entry."

On the other hand, "if it pops and they really surprise and it goes about $34, I would say it's a little too expensive as a defensive play."

Taking a look at the stock chart, Todd Gordon of TradingAnalysis.com says that he's "encouraged" by recent action in Intel.

"Semis as a whole need to bottom, but I think Intel may have formed a bottom here, and I am a buyer of the stock," the technician said.

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