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Intel ( INTC) is another Dow Dog that's looking remarkably cheap right now -- and that's in spite of a 16% rally in shares year-to-date. Intel is the biggest microchip maker in the world. In fact, the firm owns around 80% of the global microprocessor business, manufacturing the "brains" behind the vast majority of computers coming off of assembly lines. In spite of that dominant position, there's a lot of room for growth ahead of Intel.

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In the last few years, mobile devices have been quietly overtaking conventional PCs as consumers' primary computers. Intel has been working hard to take home a bigger piece of that pie by scaling down its expertise in higher-end computer processors to fit the smaller (and more energy efficient) form factor of tablets and phones. The obvious benefit to that is increased speed. While rivals work on getting more juice out of their existing chip architecture, Intel is "just" working to make their speedy chips more battery friendly.

That's a sound strategy going forward.

Intel's Dow Dog status comes thanks to a hefty 3.93% dividend yield, one of the largest in the tech sector. That dividend payout is backed by a stellar balance sheet with more than $13.8 billion in net cash and investments. That's enough to push INTC's ex-cash P/E ratio into the single digits. There's no question that INTC looks cheap at current levels.

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