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Technology Stocks : Texas Instruments - Good buy now or should we wait?
TXN 182.55+1.3%Dec 5 9:30 AM EST
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To: pat mudge who wrote (3794)6/18/1998 9:18:00 PM
From: Scott Kessler  Read Replies (1) of 6180
 
TXN's shares will rise in response to the announced transaction w/ MU. Not only did TXN remove the DRAM albatross from its neck, it sold it for a nice price. The DRAM business was a major drag on TXN's earnings and expected to be one for some time -- and definitely hurt the way TXN was perceived by the street. In fact, prior to this transaction many investors and analysts probably perceived TXN as a DRAM company. Now TXN can focus on DSPs and discontinue any and all future DRAM losses and expenses. Yes, MU's stock may decline short-term, but only on paper. Analysts are already making positive comments on the deal. For example, Drew Peck, an influential analyst at Cowen & Company perceived the deal as very positive. The bottom line is that many on the street recently upgraded TXN in anticipation of this deal being done, and the order imbalance is reflective of TXN now being perceived as lean DSP powerhouse freed from its DRAM shackles.
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