Texas Instrumentslate Monday reported quarterly earnings that met expectations, but the company’s sales came in a little light.
TI’s quarterly sales were down 7% year-over-year but up 7% sequentially to $3.42 billion, below $3.45 billion Thomson Financial estimates. Earnings of $610 million, or 42 cents a share, were in line with estimates, thanks to record margins at the chip giant that made up for the lower than expected sales.
The company’s current quarter guidance of $3.5-$3.8 billion in sales also left room to disappoint Wall Street analysts, who are expecting $3.7 billion in revenues.
TI shares lost about 4% in late trading.
Stocks rose during the day on another merger Monday, led by two acquisitions from HP, scooping up Opswareand Neoware. Tellabsgained on reports of interest from Nokia Siemens.
Expediafell after reducing its share buyback plans, and Netflixtumbled after cutting prices.
Gigabeamsoared 73% on wireless orders.
The Nasdaq added 3 to 2690, the S&P 500 gained 7 to 1541, and the Dow rose 92 to 13,943. Volume declined to 3.1 billion shares on the NYSE, and 2.12 billion on the Nasdaq. Advancing issues led by a 16-15 margin on the NYSE, and 16-13 on the Nasdaq. Upside volume was 56% on the NYSE, and 56% on the Nasdaq. New highs-new lows were 183-168 on the NYSE, and 146-237 on the Nasdaq.