Thanks to its modest share prices, Intel (NASDAQ:INTC) accounts for just 1.2% of the Dow Jones Industrial Average's (DJINDICES:^DJI) total value. That didn't stop the chip giant from making a major impact on the Dow today. Intel's 7% overnight plunge tied it with American Express, which is three times as influential, for the title of today's biggest Dow mover.

Intel just presented surprisingly strong results for the fourth quarter -- but with a side of weak forward guidance. Capital expenses are projected to rise about 20% this year as Intel lays the groundwork for dramatic manufacturing upgrades near the end of the decade. These costs will affect income statements for years to come via amortized accounting. If you love bottom-line profits, Intel may not be your bag right now.

On the other hand, Intel's sky-high dividend yield and record-low P/E valuation present a mouthwatering value if you don't believe that the company is dying:

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INTC data by YCharts.

The company is finding its way in a rapidly changing market landscape. Traditional PC systems are becoming a niche market, rather than a bread-and-butter mainstay, replaced by mobile computing gadgets and bulked-up server systems to keep the mobile devices nourished with data feeds.

Though Intel does have a slew of mobile chips on the table, they're too new and unproven to make much of an impact in 2013. Mobility expert Qualcomm (NASDAQ:QCOM) now sports a larger market cap than Intel. That idea sounded ludicrous just a few years ago, but it's an undeniable reality now.

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INTC data by Ycharts.

I would argue that Intel remains a rock-solid business that plans for the long term and will come back swinging from these lows. Chipzilla will lift the Dow again.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.