If anyone at Intel's ( INTC) corporate headquarters in Santa Clara, Calif., was inclined to play the blame game for its uninspiring third-quarter report , thy might point a finger to one of its best customers -- Dell ( DELL). The giant PC maker, says Citigroup analyst Glen Yeung, is probably the company responsible for much of the $100 million inventory buildup that pushed Intel's fourth-quarter revenue guidance below expectations. "We cannot help but conclude that Intel was misled by over-ordering from a small number of their major customers, likely for high-end chipsets and microprocessors. We believe the principal culprit for this excess ordering is Dell as they transition from a volume strategy to a profit/high-end strategy," Yeung wrote in a note to clients. Citigroup has an investment banking relationship with Intel. Although $100 million is a small number for a company as large as Intel -- CFO Andy Bryant points out that it represents just two days of semiconductor shipments -- the market is focused on the build and the relatively weak revenue guidance for the crucial fourth quarter. In recent trading, shares were off 49 cents, or 2%, to $23.23. Record third-quarter sales, news that the company expects a sharp jump in gross margins during the fourth quarter and a strong new product pipeline are, for now, very much in the background. "The numbers were not all that bad, but semiconductor investors look at momentum," says Sunil Reddy, a senior portfolio manager with Fifth Third Asset Management, which has a position in Intel and manages $21 billion in assets. Although the stock is trading at a low valuation, there are a host of factors prompting investors to wait before buying back in: the weak guidance, the approach of the seasonally slow first quarter and macro concerns over interest rates and the health of the economy. "I don't see an immediate catalyst for the stock," he says.