Texas Instruments gave the chip sector some good news after the close on Tuesday, raising quarterly guidance above analysts’ estimates.
TI said it expects second-quarter earnings of 27-30 cents a share, higher than the company’s previous guidance and above analysts’ estimates of 27-cent earnings. The company said it sees revenues of $3.12-3.24 billion, also at the high end of previous guidance and analysts’ estimates.
TI cited rising demand across a broad range of products and higher seasonal demand for calculators.
Shares of NYSE-traded TXN climbed 2% after hours.
It is the first of two big chip industry updates this week; Intel will deliver its mid-quarter update after the close on Thursday.
The broader market closed mixed during the day, as a strong early rally failed on conflicting comments from Federal Reserve officials and the Nasdaq once again failed to clear the 2100 level. Fed Chairman Alan Greenspan will testify before Congress on Thursday.
The Nasdaq lost 8 to 2067, the S&P slipped fractionally to 1197, and the Dow added 16 to 10,483. Volume rose to 1.88 billion shares on the NYSE, and 1.9 billion on the Nasdaq. Advancers led 18-14 on the NYSE, while decliners led 15-14 on the Nasdaq. Upside volume was 55% on the NYSE, and 35% on the Nasdaq. New highs-new lows were 261-21 on the NYSE, and 125-44 on the Nasdaq.
Standard Micro jumped 12% after raising guidance.
CMGI and Net2Phone
slumped 14% each on their results.
Rambus lost 6% on a dispute with Samsung.
Audible surged 14% on a deal with XM Satellite Radio
.