Semiconductor maker Texas Instruments Incorporated ( TXN ) late Wednesday cut its second quarter profit and revenue forecast, citing weakness at an unnamed wireless device maker.
The Dallas-based company said it now expects second quarter earnings to range from 51 cents to 55 cents per share, on $3.36 billion to $3.50 billion in revenue. TI had previously forecast 52 to 60 cents per share on revenue of $3.41 billion to $3.69 billion.
Although TI didn't name the wireless device maker it cited for the expected weakness, most believe it to be Nokia ( NOK ).
On average, Wall Street analysts are looking for profits of 57 cents per share on revenue of $3.55 billion for the second quarter.
Texas Instruments shares were mostly flat in premarket trading Thursday.
The Bottom Line
Shares of Texas Instruments ( TXN ) have a 1.59% dividend yield, based on last night's closing stock price of $32.67. The stock has technical support in the $28-$31 price area. If the shares can firm up, we see overhead resistance around the $34-$36 price levels.
Texas Instruments Incorporated ( TXN ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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