Business Services Industry
Shares in Texas Instruments Fall 18 Percent on Sales Forecast.
Knight Ridder/Tribune Business News, October, 2002
By Andrea Ahles, Fort Worth Star-Telegram, Texas Knight Ridder/Tribune Business News
Oct. 23--Shares of Texas Instruments dropped 18 percent Tuesday, a day after the company said fourth-quarter sales would decline as consumers spend less on personal computers and accessories.
The Dallas-based chip maker announced third-quarter earnings and 500 job cuts Monday afternoon after the stock markets closed. Investors reacted dramatically to the news that TI's semiconductor revenues will decrease 10 percent next quarter.
"Everybody thought the fourth-quarter sales would be flat, but it was worse in their case than we expected," said Jack Geraghty, managing director at the Gerard Klauer Mattison investment firm.
Geraghty, who owns TI...
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