Intel Corp. (NASDAQ: INTC) is set to release its second-quarter earnings report Wednesday after the markets close. Thomson Reuters has consensus estimates of $0.50 in earnings per share (EPS) on $13.04 billion in revenue. The second quarter from the previous year had $0.55 in EPS on $13.83 billion in revenue.

This company warned first-quarter earnings and forward guidance would be less than expected, and it delivered just that back in April. Without a warning this quarter, investors may be a little more optimistic for this chip giant that things might be turning around. However, with Micron suffering from its recent earnings this past quarter, anything can happen.

This top chip company has been in the doghouse on Wall Street all year, and the recent earnings implosion at Micron Technology did not help. Intel has among the highest shareholders cash returns at approximately 8%, but it has lagged high-growth specialty chip stocks.

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Intel had a stellar 2014 on the tailwind from continued personal computer (PC) and notebook sales, but this year has been a far different story. In 2014, Intel was a top Dow performer with a total return including dividends of 44.2%. Arguably this stock ran too far and now with weakened PC sales in early 2015, Intel is giving it back. The stock is down a gigantic 17.1% year to date.

Many on Wall Street are holding their collective breath in front of the company’s second-quarter earnings report. In an effort to increase and expand the company’s product line, Intel purchased chip rival Altera for a massive $16.8 billion. Some on Wall Street view the deal pessimistically, citing its high cost, aggressive growth assumptions on the part of Intel and the increase in debt. Others feel the addition will help Intel start to move away from the PC and laptop dependence.

Recently, in a move away from PC and laptop dependence, Intel partnered with Honeywell to integrate a platform that will help protect businesses from being the targets of future hacks. Both companies are collaborating to bolster protection of critical industrial infrastructure and the Industrial Internet of Things. Basically, Intel’s McAfee technologies will be integrated with Honeywell’s Industrial Cyber Security Solutions. The end goal is to provide Honeywell customers with enhanced security software to protect their control systems from malware and misuse.

Shares of Intel were up 0.3% at $29.74 Wednesday morning. The stock has a consensus analyst price target of $33.69 and a 52-week trading range of $28.82 to $37.90.

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