Derivative trade: Buy Intel on jobs report?

An Intel wafer
Source: Intel
An Intel wafer

CNBC "Halftime Report" trader Jim Lebenthal is buying a beaten-down semiconductor stock on the thesis of improving corporate spending and employment numbers.

The CEO of Lebenthal Asset Management on Wednesday purchased shares of Intel for his model portfolio. It's a stock that's down 17 percent this year.

Here's what Lebenthal sees and why he thinks the stock can rally.

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