Texas Instruments shares surged 9% in after-hours trading Monday after the company reported quarterly results that were well ahead of analysts’ expectations.
TI reported an 8% sequential decline in revenues to $3.19 billion, but that was above Wall Street’s $3.15 billion estimates. Earnings of 35 cents a share were four cents better than expected.
The chip maker said growth will return in the current quarter, with sales guidance of $3.32-$3.6 billion well head of the Thomson Financial consensus estimates of $3.35 billion.
“We believe the inventory correction that began in the second half of last year largely ended in the first quarter,” CEO Rich Templeton said in a statement. “Orders are beginning to rebound, and we expect sequential growth to resume in the second quarter.”
Also after the close, Juniper fell on in-line results.
Stocks lost ground during the day, as investors turned nervous as the Dow neared 13,000 for the first time.
Affiliated Computer gained on a sweetened takeover offer.
Brightpoint climbed on an upgrade.
Applied Micro tumbled on its results, while Alanco
surged on its numbers.
Terayon fell on a merger deal with Motorola
.
The Nasdaq slipped 2 to 2523, the S&P 500 lost 3 to 1481, and the Dow fell 42 to 12,919. Volume declined to 2.58 billion shares on the NYSE, and 2.01 billion on the Nasdaq. Declining issues led by a 16-15 margin on the NYSE, and 17-13 on the Nasdaq. Downside volume was 54% on the NYSE, and 52% on the Nasdaq. New highs-new lows were 306-15 on the NYSE, and 168-57 on the Nasdaq.
