Yesterday, tech beast Texas Instruments (NYSE: TXN) announced that it will narrow its revenue forecast for the first quarter. The firm now expects revenue to total $1.79 billion to $2.05 billion. TXN earlier predicted revenue between $1.62 billion and $2.12 billion.TXN added a revision to its earnings forecast as well, stating that it expects to report anywhere from a loss of 8 cents per share to break even earnings. This range is also a clarification of the company's earlier forecast range of a loss of 11 cents per share to 3-cent-per-share earnings.
According to MarketWatch, TXN's vice president stated, "We have raised the middle of this range about $50 million compared to the prior range ... The upside is most notable in embedded processing and analog communications infrastructure products."
Technically, the stock has struggled lately (but who hasn't, right?) -- thanks to resistance from its 10- and 20-week moving averages. The shares are currently battling resistance in the $15 region as well. Is this news the sort that could help propel the stock higher? Perhaps, but we shall see the reaction today.
Should the stock break through resistance from its two weekly moving averages it faces rather staunch resistance at the $17.50 level. The last time the equity closed a week above this resistance was November 2008.
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