DALLAS-Texas Instruments took some zip out of semiconductor optimism when it narrowed its quarterly forecast.
The chip bellwether said it expects third-quarter earnings of between 20 cents and 23 cents per share as against its July prediction of between 19 cents and 23 cents per share.
Intel had provided a more cheerful picture a week ago.
JP Morgan analyst Chris Danely does not see much cheer as he predicted oversupply in the sector.
“Despite the strong wireless order rates and improved business conditions, we are reiterating our ‘neutral’ rating on TXN (Texas Instruments) due to high valuation and the risk of another wireless inventory correction,” he wrote in a research note.
