Texas Instruments (TXN) 19.16 +0.33 (+1.8%)
Semiconductor company cuts its Q3 (Sept) revenue forecast to $3.1-3.24 bln (from $3.2-3.44 bln) but narrows its profits target to $0.27-0.29 (from $0.26-0.29); The higher EPS outlook, however, stems from tax related benefits and a potentially better mix; The sentiment going into the chip maker's Q3 (Sept) mid-quarter call was so negative (following INTC's warning last Thurs) that anything aside from a huge warning was construed as positive; On its call, TXN said that any weakness in its wireless business has been more than offset by share gains with its worldwide OEM customers
Corning (GLW) 10.44 +0.29 (+2.9%)
After issuing better than expected guidance on July 19, communications equipment company reaffirms its EPS ($0.10-0.12) and revenue ($950 mln-$1 bln) ranges; Company did stipulate that the sequential rise in sales of LCD glass would be 5-10% versus a previous forecast of 10%; Management still described demand as strong, though; Competitor ALA is marginally higher tonight
Comverse Tech (CMVT) 18.20 +0.70 (+4.0%)
After raising its Q2 (July) outlook on June 2, supplier of voicemail software to mobile phone companies still beats the upwardly revised consensus EPS estimate by $0.02; Revenues rose 24% to $233.43 mln and exceeded the top-line consensus of $227.91 mln; Management noted that each of its 3 major operating units increased profitability and achieved both sequential and year/year revenue growth; Briefing.com profiled a call from CIBC on August 20 (on In-Play) saying that upside was achievable in Q2
Furniture Brands (FBN) 24.45 +0.93 (+4.0%)
Furniture maker says it sees Q3 (Sept) EPS at the high-end of its previous guidance range ($0.36-0.38); Management said it was encouraged by the continuing strength of orders at its upper price divisions, but continues to sense caution among consumers at the middle price points; The improved outlook was still good enough for buyers tonight - as the company has reduced its expectations 3 times this year; All of the furniture companies have experienced problems with customer traffic despite the housing boom
REMEC (REMC) 4.65 -0.65 (-12.3%)
Manufacturer of microwave and millimeter wave subsystems reports a Q2 (July) loss of $1.23 per share, which includes a goodwill impairment charge; Result does not appear to be comparable to the Reuters Estimates consensus of ($0.08), but traders still take profits off the headline shock; Sales also missed the market expectation (coming in at $108.8 mln versus the consensus of $116.8 mln); REMC has climbed 18% since early August; Stock is now trading below its 50-day moving average, at 5.09, as a result of tonight's move
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