Texan Gives Bulls Another Reason to Grin
Updated from Sept. 9
DALLAS (
) -- As
,
Texas Instruments
(TXN) - Get Report
raised its third-quarter sales and profit forecast after the market closed Wednesday, further fueling talk of a tech rebound.
The chipmaker now expects revenue between $2.73 billion and $2.87 billion, compared to its prior range of between $2.5 billion and $2.8 billion.
"We expect analog to be the biggest driver of sequential growth with solid contributions from our three main analog product lines," said Texas Instruments' vice president, Ron Slaymaker, during a conference call late Wednesday.
Texas Instruments also raised its profit forecast, predicting earnings between 37 cents a share and 41 cents a share, up from its previous forecast of between 29 cents a share and 39 cents a share.
Analysts surveyed by Thomson Reuters are expecting revenue of $2.69 billion and earnings of 35 cents a share.
The chip sector has already
of a tech spending rebound thanks to recent
upbeat
from
Intel
(INTC) - Get Report
,
Dell
(DELL) - Get Report
and
Marvell
(MRVL) - Get Report
.
Texas Instruments' stock, which was recently
to "outperform" by Wedbush, has risen more than 25% in the last three months. The company's shares also enjoyed a boost following the chipmaker's business update, rising to $25.28 in extended trading Wednesday after closing the regular session at $25.14.
