Texas Instruments Incorporated (NYSE: TXN), the wireless semiconductor giant, reported results which indicate the semi recovery is still in place, albeit the numbers were a bit light.

Texas Instruments reported sequential revenue growth of 5% for its semiconductor business versus a 17% drop last year. The company is forecasting an increase of 6% for the September quarter, but book-to-bill is only at 1.0, so that will tame investors' expectations. Since announcing the bottom of the semiconductor trough in the first quarter of this year, Texas Instruments is up to $38 from $30. Therefore, most of the easy money has been made.

I'd wait for a consolidation in semiconductor stocks and the market in general before jumping into Texas Instruments. The company is in a great strategic position but will likely be dead money until the fall, as investors will want to wait to see how the U.S. and the global economy is doing for the back-to-school season and, more importantly, the holiday season.

By October, if the consumer hasn't completely rolled over, it will be time to take a look at Texas Instruments.