The chips were definitely down once the closing bell sounded as Texas Instruments (TXN) cut the financial forecast for its fiscal fourth quarter, saying business is bad everywhere except for wireless processors.
The stock tumbled 6% to $28.17 on volume of more than 650,000 after TI said it now sees earnings of 21 to 25 cents a share for the quarter ending this month with revenue expected to range from $3.19 billion and $3.33 billion.
The company's previous view was for earnings of 28 to 36 cents per share on revenue of $3.26 billion to $3.54 billion in the quarter. The current average estimate of analysts polled by Thomson Reuters is for a profit of 48 cents a share in the quarter on revenue of $3.41 billion.Dow component Intel (INTC) took a hit in late trades as well following the news, losing nearly 2% to $24.24 on late volume of 2.7 million. Other stocks seeing trading interest late included Comtech Telecommunications (CMTL), slumping almost 5% after providing what it termed a "cautious view" for the rest of its fiscal year; and Pall Corp. (PLL), which bounced more than 4% after reporting above-consensus quarterly results. --Written by Michael Baron in New York.
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