Why I Sold Intel

I closed position in Intel (INTC) today. Decision was made when I heard a preannouncement a week ago. Intel said that revenue for the quarter will miss the mark by smothing likt 15%. They claimed floods in Thailand and subsequent deficit of hard disks reduced production of PCs, and demand for Intel CPUs. Well, it figures.
What was surprising is the reaction of Wall Street. Quarter earnings estimates were cut, but just a little bit. I couldn't believe it when I saw it. Look at the income statement. There are two major expense categories: "Research and Development" and "Selling and Administrative". For Intel, that's essentially fixed costs. I feel that INTC is going to miss initial profit estimate by 25-35%, not by 14%, which is current consensus.
Intel is a great company. It will recover. And it pays great dividend. I think it will fall hard after reporting for the current quarter. It will be time to back up the truck. For now, I prefer to take profit and wait for a good moment to get back.

Full disclosure: I still hold small INTC position on my IRA account.