Texas Instruments lifts 2Q forecasts

Texas Instruments (NYSE:TXN) said that its second quarter numbers would be better than expected Monday, another small indication that the economy, especially the IT sector, is coming out of the trough it hit in the first quarter. The big semiconductor company said that it expects revenue in the second quarter will be between $2.3 billion and $2.5 billion compared with a previous forecast of $1.95 billion to $2.4 billion. TI upped its EPS expectations to a range of $0.14 - $0.22, compared with the prior range of $0.01 - $0.15.

Texas Instrument's stock reacted to the news by rising 5% after hours to $20.75.