Texas Instruments had no surprises for investors after the close on Monday, and that’s exactly how they responded.
TI shares were unchanged after hours after the company said it expects to meet third-quarter estimates, more or less. The company’s shares had gained 2.5% ahead of the mid-quarter update.
TI said it expects revenues of $3.71-$3.87 billion, narrowing both the top and bottom of its previous guidance range. The company expects earnings of 44-46 cents a share. Analysts expect earnings of 45 cents a share on sales of $3.8 billion, according to Thomson Financial.
Tech stocks figured prominently during the day’s trading session. Stocks were little changed in a day marked by observances of the fifth anniversary of the Sept. 11 terrorist attacks. Stocks initially followed overseas markets lower on slowdown fears, then rebounded after St. Louis Fed president William Poole said the economy remains resilient.
Dell lost 2% after saying it will delay its quarterly filing to address accounting issues.
Freescale soared 20% on reports that it’s in acquisition talks with private equity firms.
Commonwealth Telephone gained 5.6% on news that it’s exploring strategic alternatives.
Telus surged 18% on plans to become an income trust.
The Nasdaq gained 7 to 2173, the S&P 500 added half a point to 1299, and the Dow rose 4 to 11,396. Volume rose to 2.6 billion shares on the NYSE, and 1.75 billion on the Nasdaq. Decliners led 17-14 on the NYSE, and 16-13 on the Nasdaq. Downside volume was 56% on the NYSE, and 40% on the Nasdaq. New highs-new lows were 91-61 on the NYSE, and 65-66 on the Nasdaq.