Texas Instruments had no surprises in its mid-quarter financial update late Tuesday, reaffirming its earnings and sales guidance for the current quarter.
TI said it expects its revenues to fall between $3.56 billion and $3.72 billion and earnings to come in between 49 and 53 cents a share, which includes a two-cent gain from the sale of its DSL customer-premises equipment line. Those numbers compare favorably to Wall Street consensus estimates of 49-cent earnings on sales of $3.66 billion.
But after Intel’s better than expected guidance yesterday, investors were hoping for more, and they sent TI shares 1% lower in late trading.
The broader market soared during Tuesday’s trading session, as traders overlooked a lack of interest rate guidance from Fed Chairman Ben Bernanke to cheer upbeat comments from Western Digital , GM
and McDonald’s
.
Sun gained 6% after releasing a Solaris operating system update and other new products, and LSI
jumped 7% on a Deutsche Bank upgrade.
Ericsson rose 5% on its guidance, while eBay
climbed 4% on positive comments from JP Morgan.
Comverse rose 7% on its results, while Smart Modular
fell 10% on its guidance.
The Nasdaq was up 38 to 2597, the S&P 500 gained 19 to 1471, and the Dow rose 180 to 13,308. Volume rose to 3.02 billion shares on the NYSE, and 1.79 billion on the Nasdaq. Advancing issues led by a 23-8 margin on the NYSE, and 20-9 on the Nasdaq. Upside volume was 83% on the NYSE, and 83% on the Nasdaq. New highs-new lows were 52-88 on the NYSE, and 74-100 on the Nasdaq.
Note: The Technical Analysis column is on a brief hiatus and will return shortly.
