Microchip maker Texas Instruments Incorporated ( TXN ) late Thursday lowered its third quarter earnings outlook, citing a slowdown in chip sales across its product lines.
The Dallas-based company said it now expects third quarter profit to range from 56 to 60 cents per share, down from a prior outlook of 55 to 65 cents. It also lowered its sales outlook for the period to $3.23 billion to $3.37 billion, down from $3.4 billion to $3.7 billion.
On average, Wall Street analysts expect a third quarter profit of 60 cents per share on $3.5 billion in sales.
Texas Instruments shares fell 31 cents, or -1.2%, in premarket trading Friday.
The Bottom Line
Shares of Texas Instruments ( TXN ) have a 2.02% dividend yield, based on last night's closing stock price of $25.80. The stock has technical support in the $23 price area. If the shares can firm up, we see overhead resistance around the $28-$30 price levels.
Texas Instruments Incorporated ( TXN ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 out of 5 stars.
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