TI Disappoints

Texas Instruments fell in late trading Monday on results and guidance that were below Wall Street forecasts.

The company’s sales grew 2% from the year-ago quarter to $3.76 billion, but that was below $3.8 billion estimates, and the company’s December quarter sales outlook of $3.46-$3.75 billion was below $3.81 billion forecasts.

The company noted that “orders declined, leading us to expect that fourth-quarter semiconductor growth will be below the seasonal average. A couple of factors are influencing this. First, we believe customers have broadly replenished their own inventory and are confident in operating with lower backlog now that chip supply has improved. The second factor is wireless, where we expect that unit mix will be more weighted toward low-priced cell phones and inventory correction will continue in Japan.”

Following disappointing results from Motorola , TI’s results were largely expected, and the company’s shares slipped 2% in late trading.

The Dow hit a fresh record during the day ahead of the Federal Reserve’s latest meeting, and Google hit a new all-time high of its own on continuing optimism over its results announced last week.

MetaSolv gained on a buyout offer from Oracle , and Indus also rose after agreeing to be acquired by a private equity firm.

AT&T and Silicom rose on their results, while Neoware fell on its earnings.

The Nasdaq gained 13 to 2355, the S&P 500 rose 8 to 1377, and the Dow surged 114 to 12,116. Volume declined to 2.47 billion shares on the NYSE, and 1.9 billion on the Nasdaq. Advancers led 18-13 on the NYSE, and 15-14 on the Nasdaq. Upside volume was 65% on the NYSE, and 64% on the Nasdaq. New highs-new lows were 245-14 on the NYSE, and 152-41 on the Nasdaq.

News Around the Web