) releases its Q2 earnings report. The shares have moved up 11% in 2011. Last quarter, INTC beat estimates handily and gave upbeat guidance. Some observers are not convinced, however, and believe that that the company may have to reduce its outlook for PC growth. According to options traders, sentiment is not clear cut going into the print, but speculators appear to be looking for a move higher. Around 129,000 calls and 87,000 puts have traded hands by mid-day Wednesday. "Although a less than 4 percent move is indicated, there are many speculators playing this stock for an upside move after earnings," said J.J. Kinahan, chief derivatives strategist at TD Ameritrade. "On the put side in real dollar terms, it is a cheap hedge versus long stock in case of an earnings miss. INTC shares are currently trading down 0.20% with around an hour left in the session.