Texas Instruments Shares Up on Outlook
November 13, 2001 5:54:00 PM ET
By Caroline Humer
news.moneycentral.msn.com
NEW YORK (Reuters) - Shares in Texas Instruments Inc. (TXN) rose 6 percent on Tuesday after the chipmaker stood pat on earlier guidance that fourth quarter sales would decline 10 percent from the third quarter, strengthening the view that the sales declines in the beleaguered semiconductor industry may be coming to an end.
The news boosted Texas Instruments shares on a day when the semiconductor sector was already tracking higher. Texas Instruments shares were up 6 percent, or $1.92, at $33.82 while the Philadelphia Stock Exchange Semiconductor Sector Index gained about 4.2 percent to 541.29.
Texas Instruments Chief Financial Officer Bill Aylesworth said at an investor conference in Boca Raton, Florida, that the company, the largest maker of digital signal processors, still expects fourth quarter revenue to fall about 10 percent from the third quarter due in part to continued semiconductor weakness.
Other companies that make semiconductors used in cell phones or communications applications were also higher on Tuesday.
Among the largest gainers in Nasdaq trading were Anadigics Inc. (ANAD), whose shares were up 13 percent, or $2.35 at $20.10. Vitesse Semiconductor Corp. (VTSS) shares gained 13.9 percent, or $1.66 to $13.58 and Applied Micro Circuits Corp. (AMCC) picked up 12 percent, or $1.61, to $14.70. Conexant Systems Inc. (CNXT) rose 7.7 percent, or $1.04, to $14.42. |
