News on chipmaker Texas Instruments is zooming across the wires in late-session action. The company has tightened its third-quarter financial targets, saying earnings per share will come between 49 and 53 cents. The firm's previous earnings range was between 46 and 52 cents; the slight upward adjustment is due to a 2-cent gain on the sale of Internet equipment. Revenue is expected to hit $3.56 billion to $3.72 billion, a smaller range than previous expectations for $3.49 billion to $3.79 billion in semiconductor sales. Briefing.com currently estimates that TXN will release its official earnings on October 23.
In after-hours trading action, TXN shares have tacked on nearly 2%. The stock appears to have hit a short-term bottom in mid-August and has been cruising higher ever since, benefiting from support at its 10-day moving average. The slightest jump higher on Wednesday will enable the stock to muscle above its 10-week and 20-week trendlines. TXN has not managed a weekly close above this pair since July 20.
What we're not likely to see tomorrow are upgrades, as Wall Street is already pretty enamored of the shares. According to Zacks, there are 14 strong buy ratings on TXN, 5 buys, 7 holds, and not a sell to be found. While some of those maintaining a hold opinion could travel to the bullish camp, the odds aren't skewing in this direction.