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wall st seen slipping; texas instruments may climb Wall St seen slipping; Texas Instruments may climb
September 9, 2004 6:12am ET (Reuters)

By Alison Tudor

LONDON, Sept 9 (Reuters) - Wall Street was expected to dip at Thursday's opening, but shares of Texas Instruments Inc. , may climb after it gave upbeat earnings guidance.

Texas Instruments, the largest maker of chips for cellphones, rose after the bell on Wednesday to $19.20 on the INET electronic brokerage from their $18.83 close.

The company trimmed its quarterly revenue outlook, making it the second major semiconductor supplier to pare back expectations for the third quarter. But the group cut a cent off the bottom of its earnings forecast.

By 1001 GMT, U.S. stock futures were pointing to losses of between 0.27 percent and 0.4 percent for the three main indexes.

On Wednesday, the Dow Jones industrial average closed down 29.43 points, or 0.28 percent, at 10,313.36. The Standard & Poor's 500 Index fell 5.03 points, or 0.45 percent, to 1,116.27. The technology-laced Nasdaq Composite Index ended down 7.92 points, or 0.43 percent, at 1,850.64.

CORNING MAY GAIN

Corning Inc. shares may gain ground. The company reaffirmed its third-quarter financial targets.

Corning rose to $10.43 on INET, up from its New York Stock Exchange close of $10.15.

U.S. investment bank Lehman Brothers will be in focus after sources said it is no longer in talks to buy UK brokerage Cazenove, leaving the path clear for rival U.S. bank J.P. Morgan Chase & Co. to try clinch a deal.

Grey Global Group will also be in the spotlight after the Wall Street Journal said Britain's WPP Group Plc has offered to pay more than $1.25 billion for the advertising firm. End of Story