Early Hour Movers: Texas Instruments, Juniper Networks, Seagate Technology, Molycorp
Shares of Texas Instruments Incorporated (NASDAQ:TXN) jumped in the opening session despite the company late Monday trimmed its profit and revenue forecasts for the second quarter. The company’s new outlook remains squarely in the range of analysts’ estimates.
The company now projects to earn 32 to 36 cents per share on revenue of $3.28 billion to $3.42 billion in the quarter ending June 30, down from its previous forecast of 30 to 38 cents per share on revenue of $3.22 billion to $3.48 billion.
Analysts currently estimate the company to earn 34 cents per share and $3.36 billion in revenue.
Shares of TXN are up 59 cents or 2.15% to $28.24 in the morning session. The stock has fallen about 3% so far this year and slid over 12% over the past one year.
Juniper Networks, Inc. (NYSE:JNPR) surged 0.67% in early session after the company late Monday said t it may buy back up to $1 billion of its own stock. The company, based in Sunnyvale, Calif., said this repurchase authorization is in addition to an existing $1 billion stock repurchase program approved in 2010. There is roughly $162.2 million remaining for use under the prior repurchase program. Juniper said the plan is designed to offset any dilution of its stock value that comes from distribution of stock to its employees.
Seagate Technology PLC (NASDAQ:STX) slid 0.62% to $22.42 after surging over 2% in the opening session. Late Monday, a notable hedge-fund investor David Einhorn of Greenlight Capital disclosed ownership of more than 23 million shares, or a 5.4% stake, in the company. That’s an increase from the 14.5 million shares, or 3.4% stake, that Einhorn disclosed as of March 31.
Molycorp, Inc. (NYSE:MCP) added 1% after the company said that it had completed its takeover of Canadian rare earth processor Neo Material Technologies Inc (NEM), creating an integrated mine-to-magnet rare earth company. Colorado-based Molycorp now mines rare earths in California, processes them into oxides and alloys at facilities around the world, and makes bonded rare earth magnets through its Magnequench subsidiary acquired as part of the Neo deal.