TI Shares Gain on Narrowed Outlook
NEW YORK (TheStreet) -- Shares of Texas Instruments(TXN) rose in late trades Tuesday after the chip maker maintained the top end of its earnings outlook for its fiscal third quarter.
The Dallas-based company issued its mid-quarter update for the three months ending this month, narrowing its view to earnings of 38 to 42 cents a share from a prior forecast for a profit of 34 to 42 cents a share. TI now expects revenue of between $3.27 billion to $3.41 billion for the quarter vs. its previous range of $3.21 billion to $3.47 billion.
The average estimate of analysts polled by Thomson Reuters is for earnings of 45 cents a share in the quarter on revenue of $3.34 billion.
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The stock closed the regular session down 0.31% at $28.58. Shares were last quoted at $29.14, up 1.96%, on after-hours volume of nearly 141,000.
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--Written by Chris Ciaccia in New York
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