Two Ways: Texas Instruments Higher on Upbeat Forecast
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Apple (AAPL) dominated most of the earnings headlines last night, but don't forget about semiconductor giant Texas Instruments (TXN).
The Dallas, Texas-based company reported earnings of $0.42 a share, beating consensus expectations by $0.03 while revenues fell 15% year-over-year to $2.88 billion vs. $2.82 billion consensus. Gross margins increased to 51.4% compared to 48.5% for the same period a year earlier.
The company also gave an upbeat forecast for the fourth quarter. It sees EPS coming in around $0.42 to $0.50 and revenues around $2.78 billion to $3.02 billion. Street expectations were $0.40 EPS on revenues of $2.78 billion. Shares are up more than 2% in premarket trading.
From the Bull Pen: The TXN numbers will give a boost to the semis. But bulls can look to related plays in solar stocks. Professor Sean Udall positively mentioned this space on the Buzz yesterday. One can look to SunPower Corp (SPWRA) where the triple top appears to be at risk of breaking to the upside. Those playing it can set a sell stop near $31.
From the Bear Cave: The tech ETF (XLK) is nearing weekly resistance at $22. Bears believing the odds of a correction are high can keep an eye on this stock. Watch for failure at this level. Entry if and when.
A Quick Check Around the World
Asian trading closed with the Nikkei 0.98%, India -0.59%, Hang Seng 0.83%, Shanghai 1.52%, and Taiwan 0.03%.
Across the pond, we see the FTSE -0.11%, CAC -0.11%, DAX -0.01%
As of 8:15 a.m. EST, S&P Futures are trading +5.50 to 1096.25 and Nasdaq futures are +17.25 to 1767.25.
A Look at Commodities
Over in commodities, crude oil is -0.17 to 79.79 while gold is +9.40 to 1066.50 this morning. Silver is +0.18 to 17.805 and copper -0.020 to 2.9465.
The dollar index is -0.0800 to 75.2200.
On the Radar
08:30 Building Permits 590k cons.
08:30 Housing Starts 607k cons.
08:30 PPI 0.1% cons.
08:30 Core PPI 0.1%
Click here for the full trading radar.
Good luck today!
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