US Markets
U.S. stocks were in the green on Wednesday morning. The Dow gained 0.37% to 28,412, the S&P 500 index rose 0.48% to 3,459 and the Nasdaq Composite Index was up 0.63% to 11,589.
Gainers
• Twitter Inc (TWTR, Financial) +7.8%
• Avery Dennison Corp (AVY, Financial) +5.2%
• Freeport-McMoRan Inc (FCX, Financial) +2.4%
• Albemarle Corp (ALB, Financial) +3.3%
• Carmax Inc (KMX, Financial) +0.7%
Losers
• KeyCorp (KEY, Financial) -4.7%
• Occidental Petroleum Corp (OXY, Financial) -2.7%
• Union Pacific Corp (UNP, Financial) -2.4%
• Marathon Petroleum Corp (MPC, Financial) -0.3%
• Valero Energy Corp (VLO, Financial) -0.7%
Global Markets
The main European stock markets traded in the red. The U.K.'s FTSE 100 lost 1.35%, France's CAC 40 retreated 0.78%, Germany's Dax was down 0.58% and Spain's Ibex 35 fell 1.17%.
In Asia, Japan's Nikkei 225 gained 0.31%, India's BSE Sensex advanced 0.40%, Hong Kong's Hang Seng jumped 0.75% and China's Shanghai Composite was down 0.09%.
Texas Instruments releases earnings report
Shares of Texas Instruments Incorporated (TXN, Financial) fell almost 4% on Wednesday morning after the company announced financial results for its third quarter of fiscal 2020. It posted earnings of $1.45 per share, beating analyst´s estimates by 17 cents, on revenue of $3.82 billion, which grew 1.3% year-over-year and also beat expectations by $370 million.
In the quarter, revenue rose 18% sequentially due to the strength in the rebound of automotive demand and growing demand for personal electronics.
In the core businesses, Analog revenue grew 18% and Embedded Processing grew 19% sequentially. Analog revenue grew 7% and Embedded Processing declined 10% when compared to the same quarter of the previous year.
The cash flow from operations was $5.8 billion for the trailing 12 months. Free cash flow for the same period was $5.2 billion and 38% of revenue.
Looking ahead to the fourth quarter, the company expects revenue between $3.41 billion and $3.69 billion and earnings per share in the range of $1.20 and $1.40.
At the end of September, the T Rowe Price Equity Income Fund (Trades, Portfolio) cut its investment in the stock by 3% to 1,260,000 shares.
Disclosure: The author holds no positions in any stocks mentioned.
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