RealTime IT News

TI Lowers Guidance

Texas Instruments lowered its top and bottom line guidance for the fourth quarter late Monday, citing a "broadly weaker" market for its semiconductors.

TI said it sees fourth-quarter earnings of 37 to 40 cents a share, below 42-cent estimates and the company's previous guidance of 40 to 46 cents.

The wireless, digital and analog chipmaker said it sees sales of $3.35-$3.5 billion, below $3.6 billion estimates and its previous guidance of $3.46-$3.75 billion.

Merrill Lynch said in a research note ahead of TI's mid-quarter update that it expects TI's sales to lag over the next year or so as the wireless market matures.

With the weak results largely expected, TI shares were unchanged in late trading.

Stocks posted modest gains Monday ahead of the Federal Reserve's latest decision on interest rates.

Adobe rose 3% ahead of its earnings report on Thursday.

Symantec gained 2.4% on reports of interest from HP , which announced the retirement of its CFO. HP will also hold an analyst meeting tomorrow.

Diodes lost 5% on a UBS downgrade.

@Road gained on a buyout offer from Trimble .

The Nasdaq rose 5 to 2442, the S&P 500 gained 3 to 1413, and the Dow climbed 20 to 12,328. Volume declined to 2.29 billion shares on the NYSE, and rose to 1.89 billion on the Nasdaq. Advancers led 19-13 on the NYSE, by a few issues on the Nasdaq. Upside volume was 56% on the NYSE, and 61% on the Nasdaq. New highs-new lows were 263-20 on the NYSE, and 164-44 on the Nasdaq.