Shares of Texas Instruments fall on profit outlook

Shares of Texas Instruments dipped, a day after the leading maker of chips for cell phones said it expected to grow in the second quarter but gave only a middling outlook for first-quarter profit, an Associated Press report said.

The Associated Press report said Texas Instruments also tightened its profit and sales outlook for the first quarter but didn't change the midpoint of earlier projections.

The company said it expected operating earnings of $0.29 to $0.33 per share on sales of $3.07 billion to $3.22 billion in the quarter. TI had said it expected to earn $0.28 to $0.34 per share on revenue of $3.01 billion to $3.28 billion, the report said.

The report also said analysts were expecting a $0.31 per share profit on sales of $3.15 billion for the January-March quarter, according to a survey by Thomson Financial.