Another tech stock on our abridged Dogs of the Dow list is Intel (INTC - Get Report). As the standard bearer in the computer processor business, the firm books around 80% of global microprocessor volume, manufacturing the "brains" behind the vast majority of computers coming off of assembly lines. But in the entire semiconductor market, there's still considerable room for growth -- especially given the ballooning demand for chips that power mobile devices.
While firms such as Hewlett-Packard see their margins get eaten away by commoditized PC prices, Intel is still managing to hold strong with hefty net profit margins that approach 20%. PC-makers may be fighting for share with price tags, but they're effectively all buying their chips from Intel. The huge turnover in the mobile device market -- both phones and tablets -- is a huge opportunity for Intel right now. While Intel is the underdog in the mobile space, that just means that there's room for the firm to materially grow its top line.Intel is another cash-generation machine. The firm's free cash flow easily covers the 4.02% yield that shares currently pay out -- and leaves enough dry powder to spare to keep liquidity at strong levels. Right now, the firm's balance sheet sports approximately $10 billion in net cash, or around $2 per share. That gives Intel an after-cash P/E ratio of 9 right now. That's a cheap tech stock any way you slice it.