智通财经APP获悉，周三，德州仪器(TXN.US)跌6%，报170.08美元。消息面上，德州仪器预计，第四 季度收入将达到42.2亿-45.8亿美元，分析师此前的平均预期为45亿美元，每股收益为1.13至1.39美元， 也逊于市场预期。这一业绩展望表明，在应对日益加剧的贸易紧张局势和不稳定的经济之际，客户正在 放缓订单。 摩根士丹利维持对德州仪器"减持"评级，将目标价从192美元下调至175美元。 由Joseph Moore领衔的分 析师表示："德州仪器在9月份业绩有所增长，我们原本预计12月份会面临一些利润率压力，但营收指引 不佳这一情况出乎我们的意料。" （原标题：美股异动 | 德州仪器(TXN.US)跌6% Q4业绩逊预期遭大行下调目标价） ...

Core Insights - The analog chip company's latest results indicate a more subdued path to recovery, suggesting challenges ahead for growth and profitability [1] Financial Performance - The company's recent financial results reflect a slower-than-expected recovery trajectory, impacting investor sentiment [1] Market Outlook - The outlook for the analog chip industry appears cautious, with potential headwinds affecting demand and pricing strategies [1]

每经AI快讯，10月22日，美股三大指数开盘涨跌不一，道指跌0.03%，纳指跌0.1%，标普500指数涨 0.07%。德州仪器跌超9%，公司第四财季业绩预期低于分析师预期；奈飞跌超7%。人造肉第一股 Beyond Meat大涨70%，该公司过去三个交易日累涨约600%。 ...

美股开盘，三大指数涨跌不一，纳指跌0.1%，标普500指数涨0.04%，道指跌0.01%。 奈飞跌8.7%，Q3净利润逊于预期，下调今年营业利润率指引至29%。 德州仪器跌9.3%，Q4业绩展望不及预期，半导体市场复苏放缓。 直觉外科盘前大涨超18%，Q3总收入及经调整每股盈利超预期。 "人造肉第一股"Beyond Meat再度飙涨超70%，上演"逼空"行情，此前宣布扩大产品在沃尔玛的销售网 络。 (格隆汇) ...

分析师们还表示，他们预计这种季节性现象会持续到明年三月份，这意味着相关数据还需进一步下降， 但鉴于当前的背景情况，最终降低利用率是正确的举措。 Curtis及其团队表示："我们预计模拟芯片板块的其他部分与预期相比也会出现类似的疲软表现，这些预 期仍假定会迎来周期性复苏。我们在通用汽车业务方面的表现一直低于市场预期，但随着此次调整，这 一差距应该会缩小。鉴于模拟芯片板块目前尚未出现任何周期性复苏迹象，且可能要到明年第二季度才 会出现，我们并不看好该板块。对于德州仪器，我们则持观望态度。" 摩根士丹利维持对德州仪器"减持"评级，将目标价从 192 美元下调至 175 美元。 智通财经APP获悉，截至发稿，周三盘前，德州仪器(TXN.US)的股价下跌了约 8%。此前该公司公布的 第三季度业绩喜忧参半，业绩指引不乐观，这使得分析师们的反应较为悲观。 杰富瑞维持对德州仪器"持有"评级，并将目标价从 185 美元下调至 180 美元。 杰富瑞分析师Blayne Curtis表示："这份报告反映出该行业通常会出现的季节性下滑现象，而模拟芯片板 块的周期性增长似乎暂时停滞了。德州仪器最终降低了生产利用率，以减缓库存的增加，但 ...

Core Viewpoint - Texas Instruments, a leading analog chip manufacturer, has released a pessimistic earnings forecast for Q4, causing significant concern about the semiconductor industry's recovery [2][4]. Group 1: Earnings Forecast and Market Reaction - Texas Instruments' stock price dropped over 9% in pre-market trading following the release of its Q4 revenue forecast, which is expected to be between $4.22 billion and $4.58 billion, falling short of Wall Street's average expectation of $4.5 billion [2][3][4]. - The company reported Q3 revenue of $4.74 billion, a 14% year-over-year increase, but earnings per share of $1.48 did not meet market expectations [4]. - The CEO indicated that industrial customers are adopting a "wait and see" approach due to uncertainties related to potential tariff increases from the U.S. government [2][4]. Group 2: Market Position and Competitive Landscape - Texas Instruments holds approximately 19%-20% market share in the analog chip segment and is a key player in the MCU chip market, with products used across various end markets including automotive, industrial, and consumer electronics [8]. - The company is facing intensified competition in the Chinese market, which has returned to normal operations without the previous trend of "advance orders" [8]. - Texas Instruments has reached optimal inventory levels and is slowing down factory operations to avoid excessive inventory, which may impact short-term profitability [8]. Group 3: Future Outlook and Investment Considerations - In light of weak demand growth, Texas Instruments is considering slowing its expansion plans, with capital expenditures expected to decrease from approximately $5 billion this year to between $2 billion and $3 billion next year [9]. - Barclays Bank has maintained a "underweight" rating on Texas Instruments, citing ongoing weakness in the industrial and automotive markets and the risk of further downward adjustments to earnings expectations [9].

Shares of Texas Instruments (NASDAQ: TXN) tumbled more than 8% in premarket trading on Wednesday after the chipmaker issued a disappointing profit and revenue forecast for the fourth quarter. The guid... ...

Market Overview - US stock index futures are all down ahead of the market opening, with Dow futures down 0.00%, S&P 500 futures down 0.04%, and Nasdaq futures down 0.27% [1] - European indices show mixed results, with Germany's DAX down 0.21%, UK's FTSE 100 up 0.90%, France's CAC40 down 0.33%, and the Euro Stoxx 50 down 0.21% [2][3] - WTI crude oil increased by 1.96% to $58.36 per barrel, while Brent crude oil rose by 1.83% to $62.44 per barrel [3][4] Market Sentiment - Bank of America warns of five emerging risks that could impact the S&P 500 index, including high valuations, signals of an impending bear market, data gaps, speculative activities, and liquidity shocks [5] - The Federal Reserve is expected to cut rates by 25 basis points next week, but there is significant uncertainty regarding the interest rate path for next year, with predictions ranging from 2.25%-2.50% to 3.75%-4.00% [6] - Goldman Sachs cautions that market estimates for US GDP may be overly optimistic due to data voids during the government shutdown, with GDP estimates for Q2 and Q3 at 3.8% and 3.3% respectively [7] Company News - Netflix (NFLX.US) missed earnings expectations due to a tax dispute in Brazil, reporting Q3 revenue growth of 17% to $11.5 billion but earnings per share of $5.87, below the expected $6.94 [9][10] - Texas Instruments (TXN.US) reported Q3 revenue growth of 14% to $4.74 billion, slightly above market expectations, but provided a weaker outlook for Q4, leading to an 8% pre-market drop [10] - Alliance West Bank (WAL.US) reported a 15.2% increase in Q3 revenue to $938.2 million and a net profit surge of over 27% to $250.2 million, alleviating market concerns [11] - Intuitive Surgical (ISRG.US) saw a 23% increase in Q3 revenue to $2.51 billion, driven by a strong increase in surgical procedures [11] - Barclays (BCS.US) announced a £235 million provision for auto credit but raised its profit guidance for the year, leading to a 4% pre-market increase [12] - AT&T (T.US) reported mixed Q3 results, with revenue of $30.7 billion slightly below expectations, but exceeded new wireless subscriber growth forecasts [12] - Teck Resources (TECK.US) reported a nearly 20% increase in Q3 adjusted core earnings to CAD 1.17 billion, benefiting from rising metal prices [13] - Beyond Meat (BYND.US) experienced a significant stock price increase due to a short squeeze, despite concerns about its fundamental outlook [13]

Core Viewpoint - Texas Instruments reported Q3 2025 revenue of $4.742 billion, a year-over-year increase of 14.2% and a quarter-over-quarter increase of 6.6%, indicating a continued recovery in the industrial market [2][3] Financial Performance - Q3 2025 revenue was $4.742 billion, exceeding the midpoint of guidance ($4.45-4.80 billion), with an EPS of $1.48, aligning with expectations [2][3] - Gross margin was 57.42%, down 2.18 percentage points year-over-year and 0.47 percentage points quarter-over-quarter [2][3] - Net profit for Q3 2025 was $1.364 billion, a slight increase of 0.1% year-over-year and a 5.3% increase quarter-over-quarter [2][3] Product Segment Performance - Analog product revenue reached $3.729 billion, up 15.7% year-over-year and 8.0% quarter-over-quarter [3] - Embedded processing revenue was $709 million, up 8.6% year-over-year and 4.4% quarter-over-quarter [3] - Other business segments generated $304 million, a year-over-year increase of 10.5% but a quarter-over-quarter decline of 4.1% [3] Market Segment Insights - Industrial market revenue grew nearly 25% year-over-year, with low single-digit growth quarter-over-quarter [3] - Automotive market saw high single-digit year-over-year growth and approximately 10% quarter-over-quarter growth [3] - Communication equipment revenue increased over 45% year-over-year and 10% quarter-over-quarter [3] Q4 2025 Guidance - Q4 2025 revenue is guided to be between $4.22 billion and $4.58 billion, representing a year-over-year increase of 9.8% but a quarter-over-quarter decline of 7.2% [3][4] - EPS guidance for Q4 2025 is between $1.13 and $1.39, indicating a year-over-year decrease of 3.1% and a quarter-over-quarter decrease of 14.9% [4] Inventory and Capacity Utilization - Inventory at the end of Q3 2025 was $4.829 billion, with a Days of Inventory (DOI) of 215 days, down 16 days quarter-over-quarter [2][12] - The company plans to maintain current inventory levels while reducing capacity utilization due to lower revenue expectations [4][25] Semiconductor Market Trends - The semiconductor recovery pace is slowing, with downstream inventory at low levels and inventory destocking nearly complete [4][13] - Data center business is expected to generate $1.2 billion in revenue for 2025, reflecting a 50% year-over-year growth [4][26] Cash Flow and Shareholder Returns - Operating cash flow for Q3 2025 was $2.2 billion, with a total of $6.9 billion over the past 12 months [12] - The company returned $6.6 billion to shareholders over the past 12 months through dividends and stock buybacks [12]

Earnings Overview - Earnings season is gaining momentum with major companies like Tesla, Netflix, General Motors, and Ford reporting results this week [1][3] - As of October 17, 12% of S&P 500 companies have reported results, with analysts expecting an 8.5% increase in earnings per share for Q3, marking the ninth consecutive quarter of positive earnings growth but a slowdown from the 12% growth in Q2 [1][2] Sector Performance - A diverse range of sectors is represented in the earnings reports, including airlines, toy manufacturers, and telecom providers, with consumer spending updates expected from companies like Procter & Gamble and Deckers Outdoors [4] - Companies such as GE Vernova reported a 55% increase in orders to $14.6 billion, driven by its power and electrification equipment division, despite profits being below expectations [8][9] Company-Specific Highlights - Hilton reported adjusted earnings of $2.11 per share, exceeding expectations, while revenue per available room (RevPAR) declined 1.1% year-over-year [11][12] - AT&T surpassed subscriber estimates due to strong demand for bundled services and iPhone promotions, leading to a nearly 2% rise in stock [13][14] - Intuitive Surgical's stock surged 15% after beating earnings estimates, driven by strong demand for surgical robots [15] - Texas Instruments' stock fell 7% following a weaker-than-expected Q4 outlook, with projected sales of $4.22 billion to $4.58 billion [16][17] - Capital One reported a 23% increase in total net revenue to $15.4 billion, with earnings per share of $4.83, surpassing expectations [19][20] - Philip Morris experienced an 8% drop in stock after reporting a 3.2% decline in cigarette shipments, although smokeless product shipments increased by 16.6% [21][22][23] - 3M raised its annual earnings outlook after reporting sales of $6.3 billion, slightly above estimates, with adjusted earnings per share of $2.19 [24][25] - Halliburton's stock rose over 5% after reporting adjusted earnings of $0.58 per share, exceeding estimates despite a revenue decline to $5.6 billion [26][27] - GE Aerospace's stock increased over 2.5% after reporting a 26% revenue growth to $11.3 billion and raising its full-year EPS forecast [30][31] Market Sentiment - Bank of America noted that 76% of S&P 500 companies reporting so far have exceeded earnings expectations, indicating a stronger-than-usual earnings season [42][43] - Ally Financial reported better-than-expected consumer health, with earnings per share of $1.18, surpassing estimates [45][46]