Earnings from Intel beat Street expectations with the traders calling the numbers ‘very good’ by any metric. But trader Joe Terranova thinks the stock’s run is done.

He cites two reasons. Apple’s results earlier in the week suggested the Mac was making big advances against PC. "They're achieving 14% year on year growth. That's a major concern for Intel."

And he thinks the launch of Windows 8 in 2012, which is compatible with ARM chips, will pressure Intel.

Terranova just doesn't think Intel results are strong enough to combat what he sees as strong headwinds for Intel.

Both Steve Grasso and Guy Adami aren’t nearly as bearish. “I think the stock should hold $22.50 – but I don’t think it goes ripping higher,” says Adami.

Grasso says the problem with this stock is the history of the price action. “Every time it gets up near $22.50 or $23 is falls,” he says.