RealTime IT News

TI Hikes Guidance

Texas Instruments gave the tech sector some good news after the close on Wednesday, raising guidance to the high end of Wall Street estimates.

With a little more than three weeks to go in the quarter, TI said it now expects revenues of $3.56-$3.7 billion and earnings per share of 41-43 cents. The company's revised guidance compares favorably to analysts' expectations of 41-cent earnings and $3.61 billion in sales.

IT cited "strong demand across a broad range of its semiconductor products" for the strong showing. Wireless, DLP and high-performance analog are particularly strong, the company said on a conference call. TI also said it's trying to build inventories to meet all the demand for its products.

The company's shares climbed more than 1% in after-hours trading.

TI's strong numbers are a good omen for Intel , which will deliver its mid-quarter update Thursday night.

Stocks got hit by profit-taking again on Wednesday. The selling accelerated after a man who claimed to be carrying a bomb was shot and killed at Miami International Airport, but the indexes finished off their worst levels of the day.

The Nasdaq lost 8 to 2252, the S&P 500 slumped 6 to 1257, and the Dow fell 46 to 10,810. Volume declined to 2.07 billion shares on the NYSE, and 1.77 billion on the Nasdaq. Decliners led 20-12 on the NYSE, and 18-11 on the Nasdaq. Downside volume was 64% on the NYSE, and 61% on the Nasdaq. New highs-new lows were 115-82 on the NYSE, and 106-47 on the Nasdaq.

Cisco gained 1.25% after an upbeat analyst meeting.

Shares of Comverse and Nuance jumped after beating estimates.

Ulticom and Verint fell on their results.

SigmaTel and Tibco slumped on downgrades.