Texas Instruments (TXN) Falls 13.3% on Weak Outlook

We recently published Wall Street’s 10 Worst Performing Stocks. Texas Instruments Inc. (NASDAQ:TXN) is one of the worst performers on Wednesday.

Texas Instruments slashed its share prices by 13.34 percent on Wednesday to close at $186.25 apiece as investor sentiment was dampened by the company’s softer outlook for the rest of the year amid weak demand.

Following the release of its second quarter earnings performance, Texas Instruments Inc. (NASDAQ:TXN) said that it expects third quarter earnings per share to settle between $1.36 and $1.6, below analyst consensus. Revenue outlook, on the other hand, was pegged at $4.45 billion to $4.8 billion, in line with Wall Street expectations.

In the second quarter of the year, net income increased by 15 percent to $1.295 billion from $1.127 billion, while revenues were higher by 16 percent to $4.448 billion from $3.822 billion year-on-year.

Following the results, investment firm TD Cowen lowered its price target for the company by 6 percent to $230 from $245, but maintained a “buy” recommendation for its stock.

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