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"I'm surprised it's not higher than it is," he added.
Intel shares closed at $32.14, up 2.13 percent, with the stock gaining about 2 percent in after-hours trading.
Microchip's lowered outlook last week was more limited than the market had thought, OptionMonster's Pete Najarian said, citing gains in shares of Skyworks, which closed at $48.91, up 7.92 percent.
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Still, he said he had hedged his long position in Intel by selling calls against it.
"Felt like maybe a little bit too much, too fast unless they absolutely crushed the number," he said. "Didn't crush it, but they certainly did beat it."