Monday was yet another rough day for the stock market, but Texas Instruments (NYSE: TXN) released financial guidance after the close that was largely in line with analysts’ expectations.
TI said it expects quarterly sales of $1.79 billion to $2.05 billion and earnings per share from breakeven to a loss of 8 cents.
Analysts are expecting a loss of 2 cents a share on a 43% decline in sales to $1.86 billion, according to Thomson Reuters.
While that would still make for a rough quarter for the wireless, analog and DSP chipmaker, at least things don’t seem to be getting worse.
TI shares were little changed in after-hours trading on the news.
The Nasdaq fell 2% during the day, led lower by Google (NASDAQ: GOOG), Apple (NASDAQ: AAPL), Cisco Systems (NASDAQ: CSCO), Dell (NASDAQ: DELL) and Oracle (NASDAQ: ORCL).
Oracle will report its quarterly results on March 18.
Chip stocks were some of the better-performing names, with Intel (NASDAQ: INTC) and AMD (NYSE: AMD) rising on analysts’ comments that the sector may be stabilizing. But Nvidia (NASDAQ: NVDA) lost ground despite analyst comments that orders at the company may be rebounding.
Chartered Semi (NASDAQ: CHRT) fell on plans for a $300 million offering.
Microsoft (NASDAQ: MSFT) lost nearly 1% despite being named a top pick by Collins Stewart analyst Sandeep Aggarwal.
Over on the NYSE, HP (NYSE: HPQ) and Micron (NYSE: MU) were weak, losing 5% and 11%, respectively.
The Nasdaq lost 25 to 1268, the S&P 500 dropped 6 to 676, and the Dow fell 80 to 6547. Volume declined to 7.4 billion shares on the NYSE, and 2.08 billion on the Nasdaq. Decliners led by a 26-11 margin on the NYSE, and 19-8 on the Nasdaq. Downside volume was 54% on the NYSE, and 73% on the Nasdaq. New highs-new lows were 5-742 on the NYSE, and 1-503 on the Nasdaq.
