NEW YORK ( TheStreet) -- Shares of Texas Instruments ( TXN) are up 5% this morning, hitting 52-week highs following the company's second-quarter earnings report after the bell Monday, but were the results really that good?In a recent article, I told you that shares of Texas Instruments, despite the company's meaningful improvements, were due for a breather. The stock price -- with an earnings multiple higher than those of Intel ( INTC) and Qualcomm ( QCOM) -- didn't make sense to me. Investors were too optimistic about a company that has posted revenue declines for the past six quarters. TI investors likely won't appreciate this, but hold your emails for a second. Look, I won't discount that the company is in the midst of transforming its business. I also realize that management is pushing the company to become a leader in analog and embedded processing. I also understand that it's going to take time to fully exit the realm of smartphones while management work to streamline the operation. I get all of that. But as I've said many times before, investors are too eager to wait for Texas Instruments to get its house in order while ignoring other growth opportunities like Atmel ( ATML) and Nvidia ( NVDA). Today, TI investors are cheering "I told you so" after the company's second-quarter results, but the company only met lowered expectations. The profit increase of 48% was impressive. TI has been cutting costs, including a 19% reduction in research and development. Earnings of 58 cents beat estimates, but I wouldn't get carried away.