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TUESDAY, JULY 22, 2008
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Texas Instruments Out of Tune

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Texas Instruments (TXN: NYSE)

By JPMorgan ($28.52, July 22, 2008)

MONDAY AFTER THE CLOSE, Texas Instruments reported second-quarter 2008 earnings per share of 44 cents, one cent below our estimate of 45 cents and two cents below consensus of 46 cents due to lower revenue and margins.

Revenue of $3.35 billion (up 2% quarter over quarter) was below our $3.40 billion estimate (up 4% quarter over quarter) due to lower-than-expected wireless revenue (27% of second-quarter 2008 revenue) and lower orders from distributors (estimated 30% of second quarter) in June.

Gross margins decreased 150 basis points quarter ...

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