Texas Instruments gave its mid-quarter financial update after the market close on Monday, and the company’s outlook left some investors feeling a little disappointed.
TI said it expects second-quarter sales of $3.36-$3.51 billion, leaving room to disappoint Wall Street analysts’ expectations of $3.46 billion in revenues. The chip giant’s earnings forecast of 40-44 cents a share was in line with 42-cent estimates.
Handset sales were strong, the company said, while wireless infrastructure was weak.
TI shares lost 2% in late trading on the news.
Stocks ended the day flat after inflation fears took the wind out of an early rally.
Apple shares lost 3.5% after the company’s developers’ conference contained little news on the much-anticipated iPhone.
Qwest fell 8% on news of the departure of CEO Richard Notebaert.
Affilitated Computer Services gained after the company said it’s seeking takeover offers in addition to one from its chairman and Cerberus Capital Management.
Ingram Micro and Western Digital
climbed on upgrades, while Netflix
fell on a JP Morgan downgrade.
The Nasdaq lost 1 to 2572, the S&P 500 gained 1 to 1509, and the Dow added a fraction to 13,425. Volume declined to 2.49 billion shares on the NYSE, and 1.68 billion on the Nasdaq. Declining issues led by a few share on the NYSE, and by a 16-13 margin on the Nasdaq. Upside volume was 51% on the NYSE, and 42% on the Nasdaq. New highs-new lows were 61-73 on the NYSE, and 106-54 on the Nasdaq.