Partner With Us
























TI Lowers Its Outlook

Investors got fresh evidence Monday that a U.S. economic slowdown is hurting technology spending.

March 10, 2008
By Paul Shread: More stories by this author:

Investors got fresh evidence Monday that a U.S. economic slowdown is hurting technology spending.

Texas Instruments said in its mid-quarter update that its first-quarter results will come in below expectations.

TI said it expects revenue for the quarter to come in between $3.21 billion and $3.35 billion, below its previous forecast of $3.27 billion to $3.55 billion. The chip maker also said it expects to earn 41 to 45 cents a share, below its previous forecast of 43 to 49 cent earnings.

Analysts were looking for earnings of 46 cents a share on a 6.5% rise in sales to $3.4 billion, according to Thomson Financial.

TI cited weakening demand for high-end wireless chips for the shortfall.

The news capped another rough day for stocks, as the major indexes fell to fresh 18-month lows on fears of liquidity problems at financial companies.

A number of tech names managed to escape with small gains, including Microsoft, Intel, Oracle and Applied Materials.

Iomega jumped 20% on a buyout offer from EMC.

Google lost 4.6% to a new 52-week low, and VMware fell 7.7%.

Level 3 lost 14% on the departure of its COO.

Ciena fell 6% on downgrades.

The Nasdaq fell 43 to 2169, the S&P lost 20 to 1273, and the Dow fell 153 to 11,740. Volume declined to 4.21 billion shares on the NYSE, and 2.15 billion on the Nasdaq. Decliners led by a 27-5 margin on the NYSE, and 23-6 on the Nasdaq. Downside volume was 90% on the NYSE, and 82% on the Nasdaq. New highs-new lows were 20-361 on the NYSE, and 32-478 on the Nasdaq.


TAGS: wireless, Google, Microsoft, chips, Intel




Business Archives | 7 Day InternetNews Summary | Contact Paul Shread | Back to top

Add internetnews.com
to your browser search box.

IE 7 | Firefox 2.0 | Firefox 1.5.x
Receive news
via our XML/RSS:
feed



More InternetNews.com


Hardware Software Mobility Web Content
Search Government Developer Business
Storage E-Commerce Networking Security



internet.commediabistro.comJusttechjobs.comGraphics.com

Search:

WebMediaBrands Corporate Info

Legal Notices, Licensing, Reprints, Permissions, Privacy Policy.
Advertise | Newsletters | Shopping | E-mail Offers | Freelance Jobs