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Texas Instruments Cut Q3 Forecast on Slumping Chip Orders (TXN)

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.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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