LATE BUZZ: Facebook JUMPS 3%, Texas Instruments Narrows Guidance
Shares of Texas Instruments (NYSE:TXN) jumped nearly 2 percent in late afternoon trading. The chipmaker narrowed its third quarter revenue guidance range to $3.27 billion-$3.41 billion, compared to $3.21 billion-$3.47 billion. It also predicts earnings per share to come in between 38 cents and 42 cents, at the higher end of its previous 34 cents to 42 cents estimate.
Ford Motor (NYSE:F) shares edged slightly higher in late afternoon hours. The company’s board will be meeting sometime this week to discuss succession plans for Alan Mullaly, the current chief executive. General Motors (NYSE:GM) shares declined 0.17 percent in late trading.
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After closing more than 3 percent higher, Facebook (NASDAQ:FB) shares continued to increase another 3 percent as Mark Zuckerberg takes the stage at TechCrunch. It is the first public appearance of Facebook’s CEO since the social giant made its Nasdaq debut in May.
Shares of Globecomm Systems (NASDAQ:GCOM) plunged 19 percent after reporting fourth quarter financial results. The company earned 13 cents per share, excluding items, falling short of expectations for 20 cents per share. David Hershberg, chairman and chief executive officer, said “Despite a challenging economic backdrop that continues to provide head winds for the Company’s infrastructure segment, Globecomm is proud to have completed yet another year of record revenues and adjusted EBITDA. Due to the uncertainty surrounding the U.S. Government’s budget environment, including the reduced Afghanistan commitment, fiscal 2013 will be a challenge to improve on the excellent results of fiscal 2012.”
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