National Semi Warns

National Semi provided the latest sign of weakness in the wireless sector late Tuesday, warning that its November quarter sales will come in below estimates because of “lower-than-expected shipments to wireless handset customers.”

It was the second time this quarter Nation Semi has warned. The company also said gross margins will be weaker than expected.

The chipmaker said it now expects a 7-8% sequential decline in revenues compared to its previous guidance of a 2-5% decline.

National Semi shares slipped 2% in late trading, and Motorola and Texas Instruments also lost ground on the news.

Stocks rose during the day ahead of midterm election results, and Boeing was a big winner on a deal with FedEx .

Nortel was a big loser, falling 10% on profitability concerns. The company also approved a 10-for-1 reverse split.

Emerson , RealNetworks , InPhonic and Insight Enterprises gained on their results.

Bookham , Netease , AudioCodes and Himax fell on their earnings reports. Sonus lost 5% after delaying its results while it completes its stock option review.

The Nasdaq gained 10 to 2375, the S&P 500 added 3 to 1382, and the Dow climbed 51 to 12,156. Volume rose to 2.64 billion shares on the NYSE, and 2.16 billion on the Nasdaq. Advancers led 18-14 on the NYSE, and 16-14 on the Nasdaq. Upside volume was 55% on the NYSE, and 68% on the Nasdaq. New highs-new lows were 293-13 on the NYSE, and 171-42 on the Nasdaq.

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