TI Can't Stop Stock Sell-off
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An upbeat outlook from Texas Instruments (NYSE: TXN) did little to stop the six-week stock market slide, as worries about European debt woes and possible bankruptcies of BP and bond insurer Ambac erased big early gains.
Stocks ended the day down 0.5 percent, 2 percent off their highs for the day. TI ended lower by about the same amount after trading higher most of the day on company comments that it sees "broad-based strength."
The rest of the chip sector traded lower despite TI's bullish outlook. Intel (NASDAQ: INTC), AMD (NYSE: AMD) lost more than 1 percent each, while Rambus (NASDAQ: RMBS) was the day's biggest loser, falling 16 percent on news that it faces a rehearing in patent cases with Micron (NASDAQ: MU) and Hynix.
Apple (NASDAQ: AAPL), Google (NASDAQ: GOOG) and Nvidia (NASDAQ: NVDA) lost more than 2 percent each.
Ciena (NASDAQ: CIEN) ended 0.8 percent higher after reducing its quarterly loss.
Tellabs (NASDAQ: TLAB) gained 5 percent after an analyst dismissed fears that the company could lose business at AT&T (NYSE: T).