The chips were definitely down once the closing bell sounded as Texas Instruments (TXN - Get Report) 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 - Get Report) 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 - Get Report), slumping almost 5% after providing what it termed a "cautious view" for the rest of its fiscal year; and Pall Corp. (PLL - Get Report), which bounced more than 4% after reporting above-consensus quarterly results. -- Written by Michael Baron in New York.
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