Texas Instruments Slumps on Ratings Cut After Q1 Earnings Miss

Shares of Texas Instruments Inc (TXN) fell in Thursday's trading session following a rating cut, making it TheStreet's Move of the Day. The semiconductor company had its rating lowered by analysts at Bank of America/Merrill Lynch. The firm downgraded the company to NEUTRAL from BUY with a price target of $59. The analyst action follows Texas Instruments' lower than expected first quarter earnings results that were released on Wednesday. In addition, the company guided for second quarter earnings below the consensus estimate. Along with the stronger dollar, the company said it will see continuing weakness in its communications chips and personal electronics markets. Shares ended the regular session down on about four times its average trading volume. Texas Instruments was one of the worst performers on the S&P 500. TheStreet's Kurumi Fukushima reports in New York.