To oversimplify: If you buy into the idea that a corporation is there for its shareholders, then there's little to be outraged about. If you believe a corporation is there for both its employees and shareholders, then there may be some outrage to be had.
There is no universal truth there. The mainstream perception right now is the shareholder-oriented view, and the more I understand capitalist incentive structures, and the fact that buying into the market is pretty much the underpinning behind our retirement structure, the more I personally subscribe to that view. But not everyone does, and there are many good reasons to not!
Even within the shareholder-oriented view, there's also a question of short term vs long term thinking. Does the slump that's causing the job cuts justify losing the domain knowledge, momentum, etc. that might come alongside job cuts? Is Intel making a bad call here? Even as a shareholder I might think Intel's being too drastic.
The headline, while potentially outrage-baiting, does carry important information. If Intel were losing so much money that it was unable to pay dividends, then the job cuts would be almost universally justifiable. I certainly would have some sour grapes if I were laid off in the midst of an organization that can still pass value to its shareholders, especially if I felt that I were a part of that success and effort.