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 Texas Instruments Inc. beat Wall Street expectations for its third-quarter profit, and quarterly sales were largely in line with forecasts, but the stock fell more than 4% late Tuesday. Texas Instruments said it earned $1.95 billion, or $2.07 a share, in the quarter, compared with $1.3 billion, or $1.45 a share, in the year-ago period. Revenue rose 22% to $4.64 billion thanks to "strong demand in industrial, automotive and personal electronics," the company said. Analysts polled by FactSet expected EPS of $2.05 a share on sales of $4.66 billion. Texas Instruments guided for fourth-quarter sales in a range between $4.22 billion and $4.58 billion, and EPS between $1.83 and $2.07. The stock ended the regular trading day down 1.6%.
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Oasis Midstream Partners LP shares rose 5% on Tuesday after the pipeline company said it agreed to be acquired by Crestwood Equity Partners LP in a deal valued at $1.8 billion, including debt. The payment includes $160 million in cash plus 33.8 million shares of newly issued Crestwood common units, with plans to close in the first quarter. Crestwood shares fell about 2%. Houston-based Crestwood said the deal will add to its leading position in the Williston Basin. Crestwood said it expects to realize about $45 million in commercial and cost reduction synergies. It also expects to capture more than $20 million in incremental annual cash flow over the next several years by integrating Crestwood and Oasis Midstream pipelines.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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