By Rex Crum
Technology stocks were lower Tuesday as the market reacted to
Texas Instruments Inc.'s (TXN) second-quarter results. Reports from
Apple Inc. (AAPL), Yahoo Inc. (YHOO) and Advanced Micro Devices
Inc. (AMD) are expected after the closing bell.
TI shares fell 85 cents, or 3.5%, to $22.78 after the
communications chip maker reported late Monday a drop in its
quarterly earnings but an increase in revenue. The company managed
to beat Wall Street analysts' forecasts, and said it expects "solid
sequential growth" in its current, third quarter.
Printing and imaging company Lexmark International Group Inc.
(LXK) shares tumbled $3.66, or nearly 20%, to $15.10. Before the
market opened, Lexmark reported second-quarter earnings and sales
that fell from a year ago and missed analysts' forecasts. The
company also gave a disappointing third-quarter outlook.
Shares of International Business Machines Corp. (IBM) fell 21
cents to $116.24, Hewlett-Packard Co. (HPQ) fell 33 cents to
$40.07, and Google Inc. (GOOG) fell $1.94 to $428.30.
The tech-heavy Nasdaq Composite Index fell 7 points to 1902, the
Philadelphia Semiconductor Index was down by 1.6% to 289.39 and the
Morgan Stanley High Tech 35 Index was off 0.6% to 475.90.
Among big-name tech stocks set to report results after the
market close, Apple stock fell 86 cents to $152.07, Yahoo was off
by 1.6% at $16.74, Advanced Micro Devices was down 3.4% to $4.03
and Seagate Technology (STX) fell 1.3% to $10.90.
-Rex Crum; 415-439-6400; AskNewswires@dowjones.com