It's Up to the Analysts

This morning, everyone waits to see where Intel is going to trade. Cramer's betting that the analysts will remain cheerleaders for the chipmaker.
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Estimate cuts or downgrades? Or both? And how well will Intel (INTC) - Get Report weather them?

Intel: Tell us what you think?

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Message Boards. Last night as we awaited the Intel conference call, I was struck about how stupid the frantic selling in the name was.

Haven't we learned one thing about Intel? The first reaction is not always the right one. As the details of the quarter filtered out, but before the call began, sellers were mobbing after-hours trading.

Initially, a brave soul stood at 72 3/4 for about five minutes, buying roughly 25,000 shares at a clip. He reminded me of the stand that the Brits make in the movie

Zulu Dawn

; I mean this guy was ripping open ammo box after ammo box and reloading and shooting and reloading again. But he simply couldn't fire fast enough to take down all of the sellers.

Then, suddenly, the sellers began to offer

right through his bid

. Even before he could reload with a 72 3/4 shot, the sellers were trying to lose stock at 72 1/2. He was deluged in a sea of frantic sellers and disappeared beneath the weight of hundreds of thousands of homeless Intel shares. And then he was gone. Seemed a little excessive to me.

This morning we wait and see. The process of figuring out where this is going to trade is now in the hands of the analysts' community. Do they believe that the best is still ahead? Do they accept that demand is strong and the problem was strictly manufacturing? Do they give Intel the benefit of the doubt still once again? Or do they simply say, "You fooled me last quarter with the 'just you wait' thing. I'm not playing along this time. I am not cheerleading anymore."

I think they cheerlead.

I am bidding 70 1/2 for the stock as you read this.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Intel. His fund often buys and sells securities that are the subject of his columns, both before and after the columns are published, and the positions that his fund takes may change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column at

jjcletters@thestreet.com.