TI shares get a boost from Nokia's optimism
09/09/2004 16:27
SAN FRANCISCO, Sept 9 (Reuters) - Shares of Texas
Instruments Inc. , the world's largest maker of chips
for cell phones, rose 6 percent on Thursday after its largest
customer, Nokia , raised its quarterly earnings
forecast.
The gains came despite TI's own comments on Wednesday that
sales would miss expectations for the third quarter because of
high inventories of non-cellular phone chips held by
distributors.
TI stock rose $1.14, or 6 percent, to $19.97 in morning
trading on the New York Stock Exchange.
The earnings boost from Nokia marked the first bright spot
for the Finnish cellular phone maker in several months. On
Thursday, Nokia said it expected its third-quarter handset
market share to rise from second-quarter levels, helped by
business in Europe, the Middle East and Africa.
Nokia is Dallas-based TI's largest customer, and accounted
for 14 percent of TI's 2003 revenue.
((Reporting by Daniel Sorid, editing by Maureen Bavdek;
Reuters Messaging:
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[email protected], + 1 415 677 2505))