Intel just preannouced negative. They're going to miss Q4 revs by a mile but I don't think it will matter much. It will be interesting to see what they say about the outlook for 09 but I don't think that will matter much either, as they are so big that there's no escaping economic sensitivity.
It won't help Apple at the margin if Intel chooses to price much more aggressively, which they probably will.
All in all other than layoff announcements and inventory levels, this is setting up to be one of the least important earnings seasons that I can remember.
Down is still bad.