The wireless sector has been a laggard in this year’s recovery, but Texas Instruments is doing its best to change that.
TI surged 6% after hours after beating and raising estimates.
Earnings of 16 cents per share, adjusted for gains and charges, beat 9-cent estimates, and $2.53 billion revenues topped $2.44 billion forecasts. TI said it expects fourth-quarter earnings of 14-19 cents a share, ahead of 11-cent estimates, and $2.49-2.70 billion revenues would exceed $2.47 billion estimates.
“As the semiconductor market has rebuilt momentum, TI has grown faster as a result of the manufacturing technology and product R&D investments we maintained through the industry’s downturn,” TI chairman, president and CEO (so much for the new era in corporate governance) Tom Engibous said in a statement.
Also after the close, J2 Global warned; JDA Software
beat estimates; Silicon Labs
raised guidance; FindWhat
met estimates and reaffirmed guidance; and Altera
came in light on revenues.
Stocks got a boost during the day from 3M’s better than expected results and bullish comments from a Fed president.
The Nasdaq rose 12 to 1925, the S&P 500 added 5 to 1044, and the Dow climbed 56 to 9777. Volume declined to 1.18 billion shares on the NYSE, and 1.54 billion on the Nasdaq. Advancers led 17-14 on the NYSE, and 16-15 on the Nasdaq. Upside volume was 58% on the NYSE, and 59% on the Nasdaq. New highs-new lows were 166-12 on the NYSE, and 192-10 on the Nasdaq.
Lexmark soared 10% after beating estimates and raising guidance.
E.piphany also surged 10% on better than expected results.
Cisco rose 2% on hopes for a strong quarter.
TiVo fell 9% on a negative New York Times article.
Apple climbed 2% on a strong debut for iTunes.
EarthLink gained 2.7% on a deal with radio Shack.
Check Point added 1% on in-line results.
Market Commentary: For our free daily market commentary and technical analysis, please visit the InternetStockReport.com home page at:
http://www.InternetStockReport.com.