A Wireless Rebound

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.

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