U.S. stock market indexes fell on Wednesday, with the S&P 500 posting its sixth day of losses. The Dow Jones Industrial Average tumbled more than 200 points, or 0.86%, to 24,970, the S&P 500 index declined 1.11% to 2,710 and the Nasdaq Composite Index fell 1.53% to 7,324.
Shares of Texas Instruments Inc. (TXN, Financial) slid more than 4% on Wednesday morning after the company posted third-quarter earnings of $1.58 per share on $4.26 billion in revenue, reflecting 3.6% year-over-year growth. The company beat earnings estimates by 5 cents, but fell $40 million short of revenue expectations.
Analog revenue rose 8%, but Embedded Processing sales declined 4% from the year-ago quarter. Cash flow from operations was $7 billion for the trailing 12 months and free cash flow was $5.9 billion, or 37.5% of revenue. This reflects the quality of the product portfolio and the efficiency of the manufacturing strategy, including the benefit of 300-millimeter analog production.
Moreover, Texas Instruments has returned $6.2 billion to shareholders over the last 12 months through stock repurchases and dividends.
Looking ahead to the fourth quarter, the company expects revenue in the range of $3.60 billion to $3.90 billion and earnings per share between $1.14 and $1.34.
Gainers
- Juniper Networks Inc. (JNPR)
- Xerox Corp. (XRX, Financial)
- DTE Energy Co. (DTE, Financial)
- Thermo Fisher Scientific Inc. (TMO, Financial)
- Conagra Brands Inc. (CAG, Financial)
Losers
- AT&T Inc. (T, Financial)
- Freeport-McMoRan Inc. (FCX, Financial)
- Robert Half International Inc. (RHI, Financial)
- Advanced Micro Devices Inc. (AMD, Financial)
Global markets
In Europe, the U.K.'s FTSE 100 rose 0.11%, France's CAC 40 declined 0.29%, Germany's Dax slid 0.73% and Spain's IBEX 35 dipped 0.56%.
In Asia, Japan's Nikkei 225 gained 0.37%, India’s BSE Sensex advanced 0.55%, Hong Kong's Hang Seng slid 0.38% and China's Shanghai Composite jumped 0.33%.
Disclosure: The author holds no positions in any stocks mentioned.
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