Texas Instruments Hikes Guidance

Texas Instruments raised guidance after the close on Monday, welcome news for the chip sector following Intel’s warning last week.

TI said it sees first-quarter revenues of $2.84-$2.95 billion, compared to $2.85 billion estimates, and the company’s earnings guidance of 19-22 cents a share would beat analysts’ estimates of 19 cents a share.

Cymer and TriQuint also raised guidance after the close, but Hutchinson warned. Digital Lightwave announced a deal with Telecom Italia.

Stocks fell during the day, as the steady drumbeat of disappointing economic reports finally caught up with the market.

The Nasdaq fell 38 to 2088, the S&P 500 lost 9 to 1147, and the Dow dropped 66 to 10,529. Volume declined to 1.26 billion shares on the NYSE, but rose to 2.06 billion on the Nasdaq. Decliners led 19-13 on the NYSE, and 21-10 on the Nasdaq. Downside volume was 69% on the NYSE, and 76% on the Nasdaq. New highs-new lows were 374-5 on the NYSE, and 210-5 on the Nasdaq.

Digital Think soared 20% on a deal with Microsoft , but finished well off its highs for the day.

Corvis gained 6% on an acquisition.

Veritas climbed 2% on positive analyst comments.

Chinese Internet stocks Sina.com , Sohu and Netease fell on a New York Times article that called the sector a “bubble.”

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