Issuing a dividend is a terrible sign for the market. It's telling investors "we have so much money that we have no idea what to do with, please take some of it yourself and invest it somewhere other than Intel."
For a blue chip that's reliably issued one for years, it's also a major part of the reason to own the stock. Throwing that away will not have a good impact on the value even if it's justified.
Have always felt stock buy-backs are equally terrible.
“We have all this money but we have no long term vision for how to grow the company. We’ll just keep doing what we’ve been doing prop up our share price instead”.