Wall Street is not really expecting much from Intel's results and has been savagely cutting what it expects the outfit to announce.
Generally the average guess for Intel's June quarterly result is $13.5 billion in revenue.
Williams Financial's Cody Acree has cut his full-year estimate based on recent data from AMD, the supply chain, calculations by Gartner and IDC, and then divided by his shoe size. This all indicates a worse than expected second quarter for the overall PC market and Intel in particular.
Acree now thinks that Intel will make $55.98 billion in revenue this year down from $56.39 billion. That is below the consensus of $56.54 billion.
He thinks that when Intel starts talking about the second quarter it will be like a teenage goth speculating on the futility of life.
This could force shares down by up to 14 percent.
Ultrabooks will be a disappointment this year because of the "relatively high prices" despite Intel's efforts to try and lower costs in conjunction with hardware partners.
He thinks that Intel is caught between a rock and hard place. If it does not cut prices it will lose market share, if it does it will lose cash.
Pacific Crest analyst Michael McConnell told Baron's that in prior quarters where the company warned about doom Intel's processor sales were greater than overall PC production.
He thinks that the unit shipment gap for Intel processors over motherboard unit shipments increased to 9.5 million in the second quarter.
McConnell is worried that Intel might have delayed the launch of Ivy Bridge Core i3 desktop processors to September.
This would indicate an excess processor inventory of Sandy Bridge Core i3 inventory at PC OEMs and channel partners, he said.
McConnell cut his estimate for Q3 to $14.35 billion in revenue from $14.68 billion.