Sector Snap: Semiconductors Edge Higher
Tuesday October 23, 1:40 pm ET
Semiconductor Stocks Edge Higher, Though Texas Instruments Falls on Weak 4Q Revenue Outlook
NEW YORK (AP) -- An index used to track semiconductor stocks rose in afternoon trading, although a lower-than-expected outlook by Texas Instruments Inc. drove the company's share price down sharply.
The Philadelphia Semiconductor Sector index rose 4.81 points, to 479.82 in afternoon trading.
Texas Instruments said Monday said it had a 10 percent gain in third-quarter earnings, but projected fourth-quarter revenue below Wall Street expectations.
Cowen & Co. analyst John Barton said in a note to investors that Texas Instruments may suffer in the coming quarters from competition on wireless microchips from Switzerland-based STMicroelectronics.
He also noted that Texas Instruments customer Nokia expects to expand its supplier base, but this would not have a significant impact on Texas Instruments' results until 2010.
Texas Instruments shares dropped $3.07 or 9 percent to $31.20 in afternoon trading. The stock has traded between $28.24 and $39.63 in the past 52 weeks.
U.S.-traded shares of STMicroelectronics shares rose 37 cents, or 2.3 percent, to $16.29. They have traded in a 52-week range of $15.72 to $20.84.
Another Texas Instruments rival, Broadcom Corp. rose 17 cents to $41.87.
Shares of Qualcomm Inc. dropped 13 cents to $40.44.
superata la fase del rifiuto e della rabbia...e la vittoria della ferrari mi è parsa quasi come un presagio
