TI Tops Forecasts
Texas Instruments
Still, with results better than expected and inventories improving, investors bid the company's shares 2% higher in late trading.
TI's sales grew 4% from the year-ago quarter but down 8% sequentially from the third quarter to $3.46 billion, beating expectations the company had lowered last month. Pro forma earnings of 41 cents a share were 3 cents better than expected.
TI said it expects first-quarter sales of $3.01-$3.28 billion and earnings of 28-34 cents a share, less than analysts were looking for, and the company also announced plans to eliminate 500 jobs.
Stocks fell sharply during the day as investors remained jittery in the wake of last week's uninspiring results from IBM
AMD
SigmaTel
Sify
Dell
The Nasdaq fell 20 to 2431, the S&P 500 lost 7 to 1423, and the Dow dropped 88 to 12,477. Volume declined to 2.65 billion shares on the NYSE, and 2 billion on the Nasdaq. Decliners led 20-12 on the NYSE, and 20-10 on the Nasdaq. Downside volume was 68% on the NYSE, and 80% on the Nasdaq. New highs-new lows were 185-15 on the NYSE, and 84-53 on the Nasdaq.
reported better than expected quarterly results late Monday, but the company's guidance for the current quarter wasn't everything Wall Street analysts were hoping for.
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