Jim Lebenthal Weighs In On Intel

Jim Lebenthal spoke on CNBC's "Fast Money Halftime Report" about Intel Corporation INTC, which traded sharply lower after posting a disappointing earnings report.

Lebenthal was long going into earnings because he thought its overall business is growing and its margins are great. He still thinks sales and margins are growing, but he's disappointed because the company is making operational mistakes. Two years ago Intel had similar operational issues and that was painful for the stock, explained Lebenthal.

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He's planning to close his long position, but he thinks a sharp decline on Friday is an overreaction and this is not a day to sell. Instead, he wants to wait for a rebound to mid-$50s and he is going to sell every strength in the stock.