Shares of Texas Instruments declined 4% after hours Monday after the company lowered its earnings and revenue guidance.
TI said it’s now expecting quarterly earnings of 22-24 cents a share on revenues of $2.91-$3.03 billion, at the low end of the company’s previous guidance range. Analysts were looking for earnings of 24 cents a share on revenues of $3.04 billion. The company cited lower than expected DLP sales for the miss.
Also after the close, Seagate edged higher after the company raised earnings guidance.
Tech stocks surged during the day, boosted by an upbeat outlook from Qualcomm .
The Nasdaq jumped 19 to 2090, the S&P 500 added 3 to 1225, and the Dow slipped 3 to 10,936. Volume declined to 1.49 billion shares on the NYSE, and rose to 1.97 billion on the Nasdaq. Advancers led 17-15 on the NYSE, while decliners held a 16-15 edge on the Nasdaq. Upside volume was 60% on the NYSE, and 77% on the Nasdaq. New highs-new lows were 365-14 on the NYSE, and 171-47 on the Nasdaq.
Cisco rose on a positive article in Barron’s, and QLogic
jumped on an upgrade.
Insight Communications soared 21% on an offer to take the cable company private.
Research In Motion tumbled 6.5% on a Piper Jaffray downgrade based on rising competition and slowing subscriber growth.
Callwave plunged 34% after the company lowered guidance.
