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News > Technology
TI's shares slide on Street
April 18, 2000: 11:08 a.m. ET

Stock drops despite 1Q earnings gain; Warburg Dillon maintains buy rating
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NEW YORK (CNNfn) - Stock in Texas Instruments tumbled in mid-morning trading Tuesday despite posting better-than-expecting earnings.
    Texas Instruments (TXN: Research, Estimates), a semi-conductor maker that supplies chips used in cellular phones and Internet access equipment, fell 18 to 138-1/2. The stock rose sharply and closed higher in regular trading Monday as investors anticipated the earnings release, but began losing steam in after-hours activity.
    The Dallas-based company reported its first-quarter net income rose 69 percent to $470 million from $278 million in the year-earlier period. On a
    per share basis, net income rose 62 percent to 55 cents from 34 cents a year ago. Analyst had expected 53 cents in the latest quarter, according to earnings tracker First Call.
    graphic TI's revenue rose 27 percent to $2.65 billion from $2.08 billion a year ago. Revenue from semiconductors rose 30 percent to $2.27 billion, from $1.74 billion.
    The results moved Warburg Dillon Read analyst Gregory Mischou to raise TI's 2000 earnings per share estimate to $2.50 from $2.42 and its 2001 earnings estimate to $3.30 from $3.20.
    Warburg Dillon Read maintained its strong buy rating and its $240 price target.  Back to top
    -- from staff and wire reports

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