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Intel Earnings: What to Expect

UPDATE: Intel posts Q1 EPS of $0.25, in line with expectations

Options traders are expecting a large move in either direction out of Intel as it prepares to report earnings after Tuesday's close. The put buying – and then call buying – was “explosive” during the trading day, Pete Najarian said on CNBC's Closing Bell. It’s a mixed bag, but clearly the anticipation is that the stock will gap either higher or lower depending on the contents of the release.

On IBM , which reports Wednesday, Najarian said the outlook is categorically more in the “bullish” column. The stock is close to its 52-week high, and investors are speculating that the earnings will be positive, as they were last quarter, although that does not necessarily mean the stock will bounce. Najarian said he wouldn’t be surprised to see profit-taking in Big Blue off of better-than-expected earnings.