Stocks in the news: Texas Instruments, PepsiCo, Apple
Texas Instruments (TXN) lifted its fourth-quarter outlook, but the sales forecast disappointed investors. Sales will be between $2.9 billion and $3.02 billion this quarter, compared with a previous forecast of $2.78 billion to $3.02 billion. Analysts surveyed by Bloomberg had forecast $2.93 billion on average. Shares declined 2% in pre-market trading.
PepsiCo Inc. (PEP) lowered the top end of its revenue and earnings outlooks for fiscal 2009 below Wall Street estimates, but reiterated its 2010 guidance on Tuesday. The reason is it stepping up investments in projects aimed at increasing its growth and profitability amid falling North American soft drink sales. PepsiCo also said it had reached a distribution agreement for certain Dr Pepper Snapple Group Inc. (DPS) brands. Shares fell 1.5% ahead of the bell.