2 Tech Stocks Getting Drop Kicked After Earnings

Texas Instruments Inc(NYSE:TXN) reported its results for the third quarter. Net income for Texas Instruments Inc. fell to $601 million (51 cents per share) vs. $859 million (71 cents per share) a year earlier. This is a decline of 30% from the year earlier quarter. Revenue fell 7.3% to $3.47 billion from the year earlier quarter. TXN fell short of the mean analyst estimate of 57 cents per share. It beat the average revenue estimate of $3.33 billion.

“The highlight of the third quarter was the completion of the purchase of National Semiconductor. We welcome the people of National to TI, and together we’re already taking our combined portfolio of almost 45,000 Analog products to customers all over the world,” said Rich Templeton, chairman, president and chief executive officer. “Our revenue for the third quarter was higher than we expected though, overall, the quarter was below the seasonal average. We expect the same in the fourth quarter as economic uncertainty continues to weigh on demand in almost every major market segment in which we operate. We are well prepared to continue to gain share in our core businesses, no matter the economic conditions.”

Competitors to Watch: National Semicond. Corp. (NYSE:NSM), Analog Devices, Inc. (NYSE:ADI), Intersil Corporation (NASDAQ:ISIL), Linear Technology Corp. (NASDAQ:LLTC), ON Semiconductor Corp. (NASDAQ:ONNN), Intel Corporation (NASDAQ:INTC), STMicroelectronics N.V. (NYSE:STM), Maxim Integrated Products Inc. (NASDAQ:MXIM), Broadcom Corporation (NASDAQ:BRCM), and Marvell Tech. Group Ltd. (NASDAQ:MRVL).

Veeco Instruments Inc. (NASDAQ:VECO) reported its results for the third quarter. Net income for the semiconductor equipment and materials company fell to $35.9 million (90 cents per share) vs. $86.2 million ($2.04 per share) a year earlier. This is a decline of 58.4% from the year earlier quarter. Revenue fell 3.3% to $268 million from the year earlier quarter.  VECO reported adjusted net income of $1.33 per share. By that measure, the company beat the mean estimate of $1.14 per share. It beat the average revenue estimate of $252.6 million.

John R. Peeler, Veeco’s Chief Executive Officer, commented, “Veeco reported a solid third quarter, with revenues of $268 million, non-GAAP net income and earnings per share of $53 million and $1.33, respectively, all at the mid to high end of our guidance. LED & Solar revenues increased 7% sequentially to $234 million, including $220 million in MOCVD, while Data Storage revenues were $34 million, down 25% sequentially. Veeco has continued to execute within the challenging overall business environment, particularly in China, where customer facility readiness and credit tightening remain significant issues. Veeco’s new MaxBright MOCVD System represented nearly half of the quarter’s MOCVD revenue, including broad-scale customer acceptance at tier one LED manufacturers.”

Competitors to Watch: Applied Materials, Inc. (NASDAQ:AMAT), Aixtron AG (NASDAQ:AIXG), CVD Equipment Corporation (NASDAQ:CVV), Cree, Inc. (NASDAQ:CREE), Intevac, Inc. (NASDAQ:IVAC), Amtech Systems, Inc. (NASDAQ:ASYS), Zygo Corporation (NASDAQ:ZIGO), Canon Inc. (NYSE:CAJ), MEMC Electronic Materials, Inc. (NYSE:WFR), and Novellus Systems, Inc. (NASDAQ:NVLS).

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