Texas Instruments Incorporated designs, manufactures, and sells semiconductors to electronics designers and manufacturers in the United States and internationally. The company operates through Analog and Embedded Processing segments. The Analog segment offers power products to manage power requirements across various voltage levels, including battery-management solutions, DC/DC switching regulators, AC/DC and isolated controllers and converters, power switches, linear regulators, voltage references, and lighting products. This segment provides signal chain products that sense, condition, and measure signals to allow information to be transferred or converted for further processing and control, including amplifiers, data converters, interface products, motor drives, clocks, and logic and sensing products. The Embedded Processing segment offers microcontrollers that are used in electronic equipment; digital signal processors for mathematical computations; and applications processors for specific computing activity. This segment offers products for use in various markets, such as industrial, automotive, personal electronics, communications equipment, enterprise systems, and calculators and other. It provides DLP products primarily for use in project high-definition images; calculators; and application-specific integrated circuits. The company markets and sells its semiconductor products through direct sales and distributors, as well as through its website. Texas Instruments Incorporated was founded in 1930 and is headquartered in Dallas, Texas.

Texas Instruments Incorporated

Have you evaluated the performance of Texas Instruments' (TXN) international operations for the quarter ending September 2025? Given the extensive global presence of this chipmaker, analyzing the patterns in international revenues is crucial for understanding its financial strength and potential for growth.
The global economy today is deeply interlinked, making a company's engagement with international markets a critical factor in determining its financial success and growth path. It has become essential for investors to comprehend how much a company relies on these foreign markets, as this understanding reveals the firm's potential for consistent earnings, its capacity to harness different economic cycles, and its overall growth prospects.
International market involvement serves as insurance against economic downturns at home and enables engagement with economies that are growing more quickly. Still, this move toward diversification is not without its challenges, as it involves navigating through the fluctuations of currencies, geopolitical threats, and the distinctive nature of various markets.
Upon examining TXN's recent quarterly performance, we noticed several interesting patterns in the revenue generated from its international segments, which are commonly analyzed and observed by Wall Street experts.
The company's total revenue for the quarter amounted to $4.74 billion, showing rise of 14.2%. We will now explore the breakdown of TXN's overseas revenue to assess the impact of its international operations.
Trends in TXN's Revenue from International Markets
Rest of World generated $74 million in revenues for the company in the last quarter, constituting 1.6% of the total. This represented a surprise of -9.05% compared to the $81.36 million projected by Wall Street analysts. Comparatively, in the previous quarter, Rest of World accounted for $83 million (1.9%), and in the year-ago quarter, it contributed $65 million (1.6%) to the total revenue.
Of the total revenue, $972 million came from Europe, Middle East and Africa during the last fiscal quarter, accounting for 20.5%. This represented a surprise of +0.05% as analysts had expected the region to contribute $971.54 million to the total revenue. In comparison, the region contributed $891 million, or 20%, and $880 million, or 21.2%, to total revenue in the previous and year-ago quarters, respectively.
During the quarter, Japan contributed $313 million in revenue, making up 6.6% of the total revenue. When compared to the consensus estimate of $322.62 million, this meant a surprise of -2.98%. Looking back, Japan contributed $295 million, or 6.6%, in the previous quarter, and $313 million, or 7.5%, in the same quarter of the previous year.
Rest of Asia accounted for 10.7% of the company's total revenue during the quarter, translating to $505 million. Revenues from this region represented a surprise of +1.65%, with Wall Street analysts collectively expecting $496.8 million. When compared to the preceding quarter and the same quarter in the previous year, Rest of Asia contributed $487 million (11%) and $431 million (10.4%) to the total revenue, respectively.
During the quarter, China contributed $1.02 billion in revenue, making up 21.5% of the total revenue. When compared to the consensus estimate of $958.91 million, this meant a surprise of +6.27%. Looking back, China contributed $985 million, or 22.1%, in the previous quarter, and $823 million, or 19.8%, in the same quarter of the previous year.
Revenue Projections for Overseas Markets
It is projected by analysts on Wall Street that Texas Instruments will post revenues of $4.42 billion for the ongoing fiscal quarter, an increase of 10.4% from the year-ago quarter. The expected contributions from Rest of World, Europe, Middle East and Africa, Japan, Rest of Asia and China to this revenue are 1.8%, 21%, 6.9%, 10.9%, and 21%, translating into $80.13 million, $929.07 million, $302.95 million, $480.17 million, and $929.19 million, respectively.
Analysts expect the company to report a total annual revenue of $17.67 billion for the full year, marking an increase of 13% compared to last year. The expected revenue contributions from Rest of World, Europe, Middle East and Africa, Japan, Rest of Asia and China are projected to be 1.8% ($320.49 million), 21.1% ($3.73 billion)6.8% ($1.2 billion)10.8% ($1.9 billion) and 20.9% ($3.7 billion) of the total revenue, in that order.
Concluding Remarks
Relying on international markets for revenues, Texas Instruments faces both prospects and perils. Thus, tracking the company's international revenue trends is essential for accurately projecting its future trajectory.
With the increasing intricacies of global interdependence and geopolitical strife, Wall Street analysts meticulously observe these patterns, especially for companies with an international footprint, to tweak their forecasts of earnings. Importantly, several additional factors, such as a company's domestic market status, also impact these earnings forecasts.
We at Zacks strongly focus on the dynamic earnings forecast of companies, given that empirical studies have demonstrated its potent impact on the immediate price movement of stocks. Invariably, there's a positive relationship -- upward earnings predictions often result in an increase in stock prices.
Boasting a remarkable track record that's been externally verified, the Zacks Rank, our unique stock rating system, leverages changes in earnings projections to function as a reliable gauge for predicting short-term stock price movements.
At present, Texas Instruments holds a Zacks Rank #4 (Sell). This ranking implies that its near-term performance might underperform the overall market movement. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
Texas Instruments' Recent Stock Market Performance
The stock has witnessed a decline of 8.4% over the past month versus the Zacks S&P 500 composite's an increase of 2.5%. In the same interval, the Zacks Computer and Technology sector, to which Texas Instruments belongs, has registered an increase of 3.5%. Over the past three months, the company's shares saw a decrease of 6.5%, while the S&P 500 increased by 7.1%. In comparison, the sector experienced an increase of 14% during this timeframe.
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Investing in Texas Instruments (TXN)? Don't Miss Assessing Its International Revenue Trends

Fintel reports that on October 22, 2025, Wells Fargo maintained coverage of Texas Instruments (NasdaqGS:TXN) with a Equal-Weight recommendation.
Analyst Price Forecast Suggests 19.87% Upside
As of September 30, 2025, the average one-year price target for Texas Instruments is $204.63/share. The forecasts range from a low of $126.25 to a high of $273.00. The average price target represents an increase of 19.87% from its latest reported closing price of $170.71 / share.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Texas Instruments is 21,724MM, an increase of 25.82%. The projected annual non-GAAP EPS is 8.52.
What is the Fund Sentiment?
There are 3,705 funds or institutions reporting positions in Texas Instruments. This is an increase of 42 owner(s) or 1.15% in the last quarter. Average portfolio weight of all funds dedicated to TXN is 0.50%, an increase of 0.26%. Total shares owned by institutions increased in the last three months by 1.00% to 932,763K shares. The put/call ratio of TXN is 1.04, indicating a bearish outlook.
What are Other Shareholders Doing?
Jpmorgan Chase holds 30,107K shares representing 3.31% ownership of the company. In its prior filing, the firm reported owning 27,360K shares , representing an increase of 9.13%. The firm increased its portfolio allocation in TXN by 13.86% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 29,213K shares representing 3.21% ownership of the company. In its prior filing, the firm reported owning 28,767K shares , representing an increase of 1.53%. The firm increased its portfolio allocation in TXN by 4.68% over the last quarter.
VFINX - Vanguard 500 Index Fund Investor Shares holds 25,787K shares representing 2.84% ownership of the company. In its prior filing, the firm reported owning 25,294K shares , representing an increase of 1.91%. The firm increased its portfolio allocation in TXN by 4.64% over the last quarter.
Geode Capital Management holds 22,225K shares representing 2.44% ownership of the company. In its prior filing, the firm reported owning 21,945K shares , representing an increase of 1.26%. The firm increased its portfolio allocation in TXN by 4.21% over the last quarter.
Charles Schwab Investment Management holds 21,926K shares representing 2.41% ownership of the company. In its prior filing, the firm reported owning 21,916K shares , representing an increase of 0.05%. The firm increased its portfolio allocation in TXN by 6.58% over the last quarter.
Fintel is one of the most comprehensive investing research platforms available to individual investors, traders, financial advisors, and small hedge funds.
Our data covers the world, and includes fundamentals, analyst reports, ownership data and fund sentiment, options sentiment, insider trading, options flow, unusual options trades, and much more. Additionally, our exclusive stock picks are powered by advanced, backtested quantitative models for improved profits.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Wells Fargo Maintains Texas Instruments (TXN) Equal-Weight Recommendation

Fintel reports that on October 22, 2025, Stifel maintained coverage of Texas Instruments (NasdaqGS:TXN) with a Hold recommendation.
Analyst Price Forecast Suggests 19.87% Upside
As of September 30, 2025, the average one-year price target for Texas Instruments is $204.63/share. The forecasts range from a low of $126.25 to a high of $273.00. The average price target represents an increase of 19.87% from its latest reported closing price of $170.71 / share.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Texas Instruments is 21,724MM, an increase of 25.82%. The projected annual non-GAAP EPS is 8.52.
What is the Fund Sentiment?
There are 3,705 funds or institutions reporting positions in Texas Instruments. This is an increase of 42 owner(s) or 1.15% in the last quarter. Average portfolio weight of all funds dedicated to TXN is 0.50%, an increase of 0.26%. Total shares owned by institutions increased in the last three months by 1.00% to 932,763K shares. The put/call ratio of TXN is 1.04, indicating a bearish outlook.
What are Other Shareholders Doing?
Jpmorgan Chase holds 30,107K shares representing 3.31% ownership of the company. In its prior filing, the firm reported owning 27,360K shares , representing an increase of 9.13%. The firm increased its portfolio allocation in TXN by 13.86% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 29,213K shares representing 3.21% ownership of the company. In its prior filing, the firm reported owning 28,767K shares , representing an increase of 1.53%. The firm increased its portfolio allocation in TXN by 4.68% over the last quarter.
VFINX - Vanguard 500 Index Fund Investor Shares holds 25,787K shares representing 2.84% ownership of the company. In its prior filing, the firm reported owning 25,294K shares , representing an increase of 1.91%. The firm increased its portfolio allocation in TXN by 4.64% over the last quarter.
Geode Capital Management holds 22,225K shares representing 2.44% ownership of the company. In its prior filing, the firm reported owning 21,945K shares , representing an increase of 1.26%. The firm increased its portfolio allocation in TXN by 4.21% over the last quarter.
Charles Schwab Investment Management holds 21,926K shares representing 2.41% ownership of the company. In its prior filing, the firm reported owning 21,916K shares , representing an increase of 0.05%. The firm increased its portfolio allocation in TXN by 6.58% over the last quarter.
Fintel is one of the most comprehensive investing research platforms available to individual investors, traders, financial advisors, and small hedge funds.
Our data covers the world, and includes fundamentals, analyst reports, ownership data and fund sentiment, options sentiment, insider trading, options flow, unusual options trades, and much more. Additionally, our exclusive stock picks are powered by advanced, backtested quantitative models for improved profits.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stifel Maintains Texas Instruments (TXN) Hold Recommendation

The S&P 500 Index ($SPX) (SPY) on Wednesday closed down -0.53%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -0.71%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -0.99%. December E-mini S&P futures (ESZ25) fell -0.52%, and December E-mini Nasdaq futures (NQZ25) fell -0.96%.
Stock indexes settled lower on Wednesday as the broader market was under pressure throughout the session, with chipmakers selling off after Texas Instruments forecasted Q4 revenue that fell below expectations. Also, Netflix closed down more than -9% after reporting weaker-than-expected Q3 EPS. Other corporate earnings results on Wednesday were supportive for stocks. Intuitive Surgical rose more than +13% after boosting its worldwide Da Vinci procedure growth forecast for the whole year. Also, Capital One Financial rose more than +1% after reporting better-than-expected Q3 adjusted EPS.
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Stock losses accelerated Wednesday afternoon after Reuters reported that the Trump administration is considering broad restrictions on exports to China made with US software in retaliation for China’s latest round of rare earth export restrictions.
The markets are focusing on progress in US-China trade talks, as President Trump reiterated his threat on Monday to boost tariffs on Chinese goods “if there isn’t a deal” by November 1. President Trump is scheduled to meet Chinese President Xi Jinping next week on the sidelines of the Asia-Pacific Economic Cooperation conference in South Korea.
US MBA mortgage applications fell -0.3% in the week ended October 17, with the purchase mortgage sub-index down -5.2% and the refinancing sub-index up +4.0%. The average 30-year fixed rate mortgage fell -5 bp to 6.37% from 6.42% in the prior week.
The shutdown of the US government continues into its fourth week, weighing on market sentiment and delaying key economic reports. The government shutdown means delays in the release of government reports, including the last three weeks of weekly initial unemployment claims and the September payroll report. The Bureau of Labor Statistics (BLS) said the September consumer price report, which was initially scheduled to be released last Wednesday, will be released this Friday. The White House has warned that if the government shutdown lingers, it would trigger widespread dismissals of employees in government programs that don’t align with President Trump’s priorities. Bloomberg Economics estimates that 640,000 federal workers will be furloughed during the shutdown, which would expand jobless claims and push the unemployment rate up to 4.7%.
The markets this week will focus on earnings results as the Q3 earnings season continues. Rising corporate earnings expectations are a bullish backdrop for stocks. According to Bloomberg Intelligence, 85% of the S&P 500 companies that have reported so far have beaten forecasts, on course for the best quarter since 2021. Also, more than 22% of companies in the S&P 500 that have provided guidance for their Q3 earnings results are expected to beat analysts’ expectations, the highest in a year. However, Q3 profits are expected to have risen by +7.2% y/y, the smallest increase in two years. Also, Q3 sales growth is projected to slow to +5.9% y/y from 6.4% in Q2.
The markets are pricing in a 97% chance of a -25 bp rate cut at the next FOMC meeting on Oct 28-29.
Overseas stock markets settled lower on Wednesday. The Euro Stoxx 50 closed down -0.84%. China’s Shanghai Composite closed down -0.07%. Japan’s Nikkei Stock 225 closed down -0.02%.
Interest Rates
December 10-year T-notes (ZNZ5) on Wednesday closed up +1.5 ticks. The 10-year T-note yield fell -1.4 bp to 3.949%. T-notes recovered from early losses on Wednesday and settled slightly higher. Wednesday’s slump in stocks, sparked by renewed China trade tensions, triggered short covering in T-notes and pushed prices higher. T-notes maintained modest gain on Wednesday due to strong demand for the Treasury’s $13 billion auction of 20-year T-bonds that had a bid-to-cover ratio of 2.73, better than the 10-auction average of 2.63.
T-notes have ongoing support due to the ongoing US government shutdown, which could lead to additional job losses, reduced consumer spending, and a weakened US economy, potentially allowing the Fed to continue cutting interest rates.
European government bond yields were mixed on Wednesday. The 10-year German bund yield rose +1.1 bp to 2.563%. The 10-year UK gilt yield dropped to a 6.5-month low of 4.369% and finished down -6.0 bp to 4.417%.
UK Sep CPI rose +3.8% y/y, unchanged from Aug and weaker than expectations of +4.0% y/y. Sep core CPI unexpectedly eased to +3.5% y/y from +3.6% y/y in Aug, weaker than expectations of +3.7% y/y.
ECB Vice President Guindos said, “The current ECB interest-rate level is adequate as the path forward for inflation looks positive,” and risks to the outlook for consumer-price growth are balanced.
Swaps are discounting a 2% chance for a -25 bp rate cut by the ECB at its next policy meeting on October 30.
US Stock Movers
Texas Instruments (TXN) closed down more than -5% to lead chipmakers lower after forecasting Q4 revenue of $4.22 billion to $4.58 billion, with the midpoint below the consensus of $4.50 billion. Also, ON Semiconductor (ON) closed down more than -5%, and Microchip Technology (MCHP) closed down more than -4%. In addition, Advanced Micro Devices (AMD), Marvell Technology (MRVL), and Intel (INTC) closed down more than -3%. Finally, Analog Devices (ADI), KLA Corp (KLAC), ARM Holdings Plc (ARM), GlobalFoundries (GFS), Lam Research (LRCX), Micron Technology (MU), and NXP Semiconductors NV (NXPI) all closed down by more than 2%.
Cryptocurrency-exposed stocks retreated on Wednesday as the price of Bitcoin fell more than -2%. As a result, Coinbase Global (COIN), Galaxy Digital (GLXY), MARA Holdings (MARA), Riot Platforms (RIOT), and Strategy (MSTR) closed down more than -4%.
Lennox International (LII) closed down by more than -10% to lead losers in the S&P 500 after cutting its full-year EPS forecast to $22.75-$23.25 from a previous estimate of $23.25-$24.25.
Netflix (NFLX) is down more than -10% to lead losers in the Nasdaq 100 after reporting Q3 EPS of $5.87, well below the consensus of $6.94.
AST SpaceMobile (ASTS) closed down more than -10% after announcing a private offering of $850 million of convertible senior notes due 2036.
Manhattan Associates (MANH) closed down more than -4% after reporting that its Q3 remaining performance obligations (RPOs) amounted to $2.077 billion, below the consensus of $2.088 billion.
Mattel (MAT) closed down more than -3% after reporting Q3 net sales of $1.74 billion, weaker than the consensus of $1.84 billion.
Commercial Metals (CMC) closed down more than -3% after Jeffries downgraded the stock to hold from buy.
Intuitive Surgical (ISRG) closed up more than +13% to lead gainers in the S&P 500 and Nasdaq 100 after boosting its worldwide Da Vinci procedure growth forecast for the whole year.
Avery Dennison (AVY) closed up more than +9% after reporting Q3 adjusted EPS of $2.37, better than the consensus of $2.33, and announcing a pact with Walmart where Walmart will use Avery’s sensor technology that brings RFID-enabled labels to Walmart’s fresh-food departments.
Energy producers and energy service providers rallied on Wednesday after the price of WTI crude oil rose more than +2% to a 1-week high. Halliburton (HAL) closed up more than +4% and Marathon Petroleum (MPC) closed up more than +3%. Also, Phillips 66 (PSX), Occidental Petroleum (OXY), and Valero Energy (VLO) closed up more than +2%. In addition, Baker Hughes (BKR), Chevron (CVX), ConocoPhillips (COP), Devon Energy (DVN), and Exxon Mobil (XOM) closed up more than +1%.
Amphenol (APH) closed up more than +3% after reporting Q3 Ebitda of $1.93 billion, stronger than the consensus of $1.64 billion.
Hilton Worldwide Holdings (HLT) closed up more than +3% after raising its full-year adjusted Ebitda to $3.69 billion-$3.72 billion from a previous forecast of $3.65 billion-$3.71 billion, above the consensus of $3.68 billion.
Avadel Pharmaceuticals (AVDL) closed up more than +3% after Alkermes agreed to acquire the company for about $2.1 billion, or $20 per share.
Capital One Financial (COF) closed up more than +1% after reporting Q3 adjusted EPS of $5.95, well above the consensus of $4.39.
Earnings Reports(10/23/2025)
Alaska Air Group Inc (ALK), Allegion plc (ALLE), American Airlines Group Inc (AAL), AutoNation Inc (AN), Baker Hughes Co (BKR), Blackstone Inc (BX), Boston Beer Co Inc/The (SAM), Boyd Gaming Corp (BYD), Brunswick Corp/DE (BC), Carpenter Technology Corp (CRS), CBRE Group Inc (CBRE), CenterPoint Energy Inc (CNP), Comfort Systems USA Inc (FIX), Darling Ingredients Inc (DAR), Deckers Outdoor Corp (DECK), Digital Realty Trust Inc (DLR), Dover Corp (DOV), Dow Inc (DOW), EastGroup Properties Inc (EGP), Euronet Worldwide Inc (EEFT), First Citizens BancShares Inc/ (FCNCA), Ford Motor Co (F), Freeport-McMoRan Inc (FCX), FTI Consulting Inc (FCN), Hasbro Inc (HAS), Healthpeak Properties Inc (DOC), Honeywell International Inc (HON), Intel Corp (INTC), Iridium Communications Inc (IRDM), Kinsale Capital Group Inc (KNSL), Lazard Inc (LAZ), Millrose Properties Inc (MRP), Mohawk Industries Inc (MHK), MSC Industrial Direct Co Inc (MSM), Newmont Corp (NEM), Norfolk Southern Corp (NSC), Old Republic International Cor (ORI), PG&E Corp (PCG), Pool Corp (POOL), Popular Inc (BPOP), Roper Technologies Inc (ROP), Ryder System Inc (R), SLM Corp (SLM), Spirit AeroSystems Holdings In (SPR), SS&C Technologies Holdings Inc (SSNC), TechnipFMC PLC (FTI), Textron Inc (TXT), T-Mobile US Inc (TMUS), Tractor Supply Co (TSCO), TransUnion (TRU), Union Pacific Corp (UNP), Valero Energy Corp (VLO), VeriSign Inc (VRSN), West Pharmaceutical Services Inc (WST), Western Union Co/The (WU).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Retreat on Chipmaker Weakness and Renewed China Tensions

In today's video, I discuss recent updates impacting Texas Instruments (NASDAQ: TXN) and its Q3 2025 earnings. To learn more, check out the short video, consider subscribing, and click the special offer link below.
*Stock prices used were the after-market prices of October 21, 2025. The video was published on October 21, 2025.
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Jose Najarro has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Texas Instruments. The Motley Fool has a disclosure policy. Jose Najarro is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through their link they will earn some extra money that supports their channel. Their opinions remain their own and are unaffected by The Motley Fool.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Why Texas Instruments Stock Dropped After Reporting Earnings

The S&P 500 Index ($SPX) (SPY) today is down -0.37%, the Dow Jones Industrials Index ($DOWI) (DIA) is down -0.36%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.68%. December E-mini S&P futures (ESZ25) are down -0.37%, and December E-mini Nasdaq futures (NQZ25) are down -0.70%.
Stock indexes are under pressure today, led by losses in chipmakers after Texas Instruments forecasted Q4 revenue that was below expectations. Also, Netflix is down more than -9% after reporting weaker-than-expected Q3 EPS. Other corporate earnings results today are mixed for stocks. Intuitive Surgical is up more than +16% after boosting its worldwide Da Vinci procedure growth forecast for the whole year. Also, Capital One Financial is up more than +3% after reporting better-than-expected Q3 adjusted EPS.
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US MBA mortgage applications fell -0.3% in the week ended October 17, with the purchase mortgage sub-index down -5.2% and the refinancing sub-index up +4.0%. The average 30-year fixed rate mortgage fell -5 bp to 6.37% from 6.42% in the prior week.
The markets are focusing on progress in US-China trade talks, as President Trump reiterated his threat on Monday to boost tariffs on Chinese goods "if there isn't a deal" by November 1. President Trump is scheduled to meet Chinese President Xi Jinping next week on the sidelines of the Asia-Pacific Economic Cooperation conference in South Korea.
The shutdown of the US government continues into its fourth week, weighing on market sentiment and delaying key economic reports. The government shutdown means delays in the release of government reports, including the last three weeks of weekly initial unemployment claims and the September payroll report. The Bureau of Labor Statistics (BLS) said the September consumer price report, which was initially scheduled to be released last Wednesday, will be released this Friday. The White House has warned that if the government shutdown lingers, it would trigger widespread dismissals of employees in government programs that don't align with President Trump's priorities. Bloomberg Economics estimates that 640,000 federal workers will be furloughed during the shutdown, which would expand jobless claims and push the unemployment rate up to 4.7%.
The markets this week will focus on earnings results as the Q3 earnings season continues. Rising corporate earnings expectations are a bullish backdrop for stocks. According to Bloomberg Intelligence, 85% of the S&P 500 companies that have reported so far have beaten forecasts, on course for the best quarter since 2021. Also, more than 22% of companies in the S&P 500 that have provided guidance for their Q3 earnings results are expected to beat analysts' expectations, the highest in a year. However, Q3 profits are expected to have risen by +7.2% y/y, the smallest increase in two years. Also, Q3 sales growth is projected to slow to +5.9% y/y from 6.4% in Q2.
The markets are pricing in a 97% chance of a -25 bp rate cut at the next FOMC meeting on Oct 28-29.
Overseas stock markets are lower today. The Euro Stoxx 50 is down -0.43%. China's Shanghai Composite closed down -0.07%. Japan's Nikkei Stock 225 closed down -0.02%.
Interest Rates
December 10-year T-notes (ZNZ5) today are down -3 ticks. The 10-year T-note yield is up +1.0 bp to 3.972%. Supply pressures are weighing on T-notes as the Treasury will auction $13 billion of 20-year T-bonds later today. Losses in T-notes are contained due to the ongoing US government shutdown, which could lead to additional job losses, reduced consumer spending, and a weakened US economy, potentially allowing the Fed to continue cutting interest rates.
European government bond yields are mixed today. The 10-year German bund yield is up +1.6 bp to 2.568%. The 10-year UK gilt yield dropped to a 6.5-month low of 4.369% and is down -5.5 bp to 4.422%.
UK Sep CPI rose +3.8% y/y, unchanged from Aug and weaker than expectations of +4.0% y/y. Sep core CPI unexpectedly eased to +3.5% y/y from +3.6% y/y in Aug, weaker than expectations of +3.7% y/y.
ECB Vice President Guindos said, "The current ECB interest-rate level is adequate as the path forward for inflation looks positive," and risks to the outlook for consumer-price growth are balanced.
Swaps are discounting a 2% chance for a -25 bp rate cut by the ECB at its next policy meeting on October 30.
US Stock Movers
Netflix (NFLX) is down more than -9% to lead losers in the S&P 500 and Nasdaq 100 after reporting Q3 EPS of $5.87, well below the consensus of $6.94.
Texas Instruments (TXN) is down more than -5% to lead chipmakers lower after forecasting Q4 revenue of $4.22 billion to $4.58 billion, with the midpoint below the consensus of $4.50 billion. Also, Microchip Technology (MCHP), Lam Research (LRCX), Advanced Micro Devices (AMD), and Intel (INTC) are down more than -3%. In addition, Analog Devices (ADI), Marvell Technology (MRVL), KLA Corp (KLAC), ARM Holdings Plc (ARM), and ON Semiconductor (ON) are down more than -2%.
Cryptocurrency-exposed stocks are sliding today, with the price of Bitcoin down more than -2%. As a result, Coinbase Global (COIN), Galaxy Digital (GLXY), MARA Holdings (MARA), Riot Platforms (RIOT), and Strategy (MSTR) are down more than -3%.
AST SpaceMobile (ASTS) is down more than -12% after announcing a private offering of $850 million of convertible senior notes due 2036.
GE Vernova (GEV) is down more than -8% after reporting Q3 EPS of $1.64, weaker than the consensus of $1.86.
Manhattan Associates (MANH) is down more than -5% after reporting that its Q3 remaining performance obligations (RPOs) amounted to $2.077 billion, below the consensus of $2.088 billion.
Mattel (MAT) is down more than -2% after reporting Q3 net sales of $1.74 billion, weaker than the consensus of $1.84 billion.
Commercial Metals (CMC) is down more than -2% after Jeffries downgraded the stock to hold from buy.
Intuitive Surgical (ISRG) is up more than +16% to lead gainers in the S&P 500 and Nasdaq 100 after boosting its worldwide Da Vinci procedure growth forecast for the whole year.
Pegasystems (PEGA) is up more than +10% after reporting Q3 revenue of $381.4 million, well above the consensus of $351.8 million.
Hilton Worldwide Holdings (HLT) is up more than +4% after raising its full-year adjusted Ebitda to $3.69 billion-$3.72 billion from a previous forecast of $3.65 billion-$3.71 billion, above the consensus of $3.68 billion.
Capital One Financial (COF) is up more than +3% after reporting Q3 adjusted EPS of $5.95, well above the consensus of $4.39.
Avadel Pharmaceuticals (AVDL) is up more than +3% after Alkermes agreed to acquire the company for about $2.1 billion, or $20 per share.
Alphabet (GOOGL) is up more than +1% on news that Anthropic PBC is in discussions with Google about a deal for cloud computing services valued in the high tens of billions of dollars.
Amphenol (APH) is up more than +1% after reporting Q3 Ebitda of $1.93 billion, stronger than the consensus of $1.64 billion.
Earnings Reports(10/22/2025)
Alcoa Corp (AA), Amphenol Corp (APH), Annaly Capital Management Inc (NLY), AT&T Inc (T), Avery Dennison Corp (AVY), Boston Scientific Corp (BSX), CACI International Inc (CACI), Churchill Downs Inc (CHDN), CME Group Inc (CME), Crown Castle Inc (CCI), Equity LifeStyle Properties In (ELS), First American Financial Corp (FAF), FirstEnergy Corp (FE), GE Vernova Inc (GEV), Globe Life Inc (GL), Graco Inc (GGG), Hexcel Corp (HXL), Hilton Worldwide Holdings Inc (HLT), International Business Machine (IBM), Kinder Morgan Inc (KMI), Knight-Swift Transportation Holdings Inc (KNX), Lam Research Corp (LRCX), Las Vegas Sands Corp (LVS), Lennox International Inc (LII), Lithia Motors Inc (LAD), Medpace Holdings Inc (MEDP), Molina Healthcare Inc (MOH), Moody's Corp (MCO), Northern Trust Corp (NTRS), NVR Inc (NVR), O'Reilly Automotive Inc (ORLY), Packaging Corp of America (PKG), QuantumScape Corp (QS), Raymond James Financial Inc (RJF), Reliance Inc (RS), Robert Half Inc (RHI), SEI Investments Co (SEIC), Sonoco Products Co (SON), Southern Copper Corp (SCCO), SOUTHSTATE BANK CORP (SSB), Southwest Airlines Co (LUV), Stifel Financial Corp (SF), Teledyne Technologies Inc (TDY), Tesla Inc (TSLA), Thermo Fisher Scientific Inc (TMO), Travel + Leisure Co (TNL), United Rentals Inc (URI), Vertiv Holdings Co (VRT), Viking Therapeutics Inc (VKTX), Westinghouse Air Brake Technol (WAB), Wyndham Hotels & Resorts Inc (WH).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Slide on Weakness in Chipmakers

The S&P 500 Index ($SPX) (SPY) today is down -0.02%, the Dow Jones Industrials Index ($DOWI) (DIA) is down -0.14%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.18%. December E-mini S&P futures (ESZ25) are down -0.01%, and December E-mini Nasdaq futures (NQZ25) are down -0.16%.
Stock indexes are posting modest losses today, led by losses in chipmakers after Texas Instruments forecasted Q4 revenue that was below expectations. Other corporate earnings results today are mixed for stocks. Intuitive Surgical is up more than +16% after boosting its worldwide Da Vinci procedure growth forecast for the whole year. Also, Capital One Financial is up more than +3% after reporting better-than-expected Q3 adjusted EPS. Conversely, Netflix is down more than -7% after reporting weaker-than-expected Q3 EPS.
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US MBA mortgage applications fell -0.3% in the week ended October 17, with the purchase mortgage sub-index down -5.2% and the refinancing sub-index up +4.0%. The average 30-year fixed rate mortgage fell -5 bp to 6.37% from 6.42% in the prior week.
The markets are focusing on progress in US-China trade talks, as President Trump reiterated his threat on Monday to boost tariffs on Chinese goods "if there isn't a deal" by November 1. President Trump is scheduled to meet Chinese President Xi Jinping next week on the sidelines of the Asia-Pacific Economic Cooperation conference in South Korea.
The shutdown of the US government continues into its fourth week, weighing on market sentiment and delaying key economic reports. The government shutdown means delays in the release of government reports, including the last three weeks of weekly initial unemployment claims and the Sep payroll report. The Bureau of Labor Statistics (BLS) said the September consumer price report, which was initially scheduled to be released last Wednesday, will be released this Friday. The White House has warned that if the government shutdown lingers, it would trigger widespread dismissals of employees in government programs that don't align with President Trump's priorities. Bloomberg Economics estimates that 640,000 federal workers will be furloughed during the shutdown, which would expand jobless claims and push the unemployment rate up to 4.7%.
The markets this week will focus on earnings results as the Q3 earnings season continues. Rising corporate earnings expectations are a bullish backdrop for stocks. According to Bloomberg Intelligence, 85% of the S&P 500 companies that have reported so far have beaten forecasts, on course for the best quarter since 2021. Also, more than 22% of companies in the S&P 500 that have provided guidance for their Q3 earnings results are expected to beat analysts' expectations, the highest in a year. However, Q3 profits are expected to have risen by +7.2% y/y, the smallest increase in two years. Also, Q3 sales growth is projected to slow to +5.9% y/y from 6.4% in Q2.
The markets are pricing in a 97% chance of a -25 bp rate cut at the next FOMC meeting on Oct 28-29.
Overseas stock markets are lower today. The Euro Stoxx 50 is down -0.19%. China's Shanghai Composite closed down -0.07%. Japan's Nikkei Stock 225 closed down -0.02%.
Interest Rates
December 10-year T-notes (ZNZ5) today are down -2 ticks. The 10-year T-note yield is up +0.8 bp to 3.963%. Supply pressures are weighing on T-notes as the Treasury will auction $13 billion of 20-year T-bonds later today. Losses in T-notes are contained due to the ongoing US government shutdown, which could lead to additional job losses, reduced consumer spending, and a weakened US economy, potentially allowing the Fed to continue cutting interest rates.
European government bond yields are mixed today. The 10-year German bund yield is up +0.9 bp to 2.561%. The 10-year UK gilt yield dropped to a 6.5-month low of 4.369% and is down -7.7 bp to 4.401%.
UK Sep CPI rose +3.8% y/y, unchanged from Aug and weaker than expectations of +4.0% y/y. Sep core CPI unexpectedly eased to +3.5% y/y from +3.6% y/y in Aug, weaker than expectations of +3.7% y/y.
Swaps are discounting a 2% chance for a -25 bp rate cut by the ECB at its next policy meeting on October 30.
US Stock Movers
Netflix (NFLX) is down more than -7% to lead losers in the S&P 500 after reporting Q3 EPS of $5.87, well below the consensus of $6.94.
Texas Instruments (TXN) is down more than -7% to lead chipmakers lower after forecasting Q4 revenue of $4.22 billion to $4.58 billion, with the midpoint below the consensus of $4.50 billion. Also, Microchip Technology (MCHP) is down more than -4% and Analog Devices (ADI) is down more than -3%. In addition, NXP Semiconductors NV (NXPI) and ON Semiconductor (ON) are down more than -2%, and Marvell Technology (MRVL), GlobalFoundries (GFS), Qualcomm (QCOM), and Intel (INTC) are down more than -1%.
Cryptocurrency-exposed stocks are sliding today, with the price of Bitcoin down more than -2%. As a result, Coinbase Global (COIN), Galaxy Digital (GLXY), MARA Holdings (MARA), Riot Platforms (RIOT), and Strategy (MSTR) are down more than -1%.
AST SpaceMobile (ASTS) is down more than -9% after announcing a private offering of $850 million of convertible senior notes due 2036.
Manhattan Associates (MANH) is down more than -6% after reporting Q3 remaining performance obligations (RPOs) amounted to $2.077 billion, below the consensus of $2.088 billion.
Mattel (MAT) is down more than -5% after reporting Q3 net sales of $1.74 billion, weaker than the consensus of $1.84 billion.
W R Berkley (WRB) is down by more than -1% after BMO Capital Markets downgraded the stock to underperform from market perform with a price target of $64.
Commercial Metals (CMC) is down more than -2% after Jeffries downgraded the stock to hold from buy.
Intuitive Surgical (ISRG) is up more than +16% to lead gainers in the S&P 500 and Nasdaq 100 after boosting its worldwide Da Vinci procedure growth forecast for the whole year.
Pegasystems (PEGA) is up more than +15% after reporting Q3 revenue of $381.4 million, well above the consensus of $351.8 million.
Amphenol (APH) is up more than +8% after reporting Q3 Ebitda of $1.93 billion, stronger than the consensus of $1.64 billion.
Hilton Worldwide Holdings (HLT) is up more than +4% after raising its full-year adjusted Ebitda to $3.69 billion-$3.72 billion from a previous forecast of $3.65 billion-$3.71 billion, above the consensus of $3.68 billion.
Capital One Financial (COF) is up more than +3% after reporting Q3 adjusted EPS of $5.95, well above the consensus of $4.39.
Avadel Pharmaceuticals (AVDL) is up more than +3% after Alkermes agreed to acquire the company for about $2.1 billion, or $20 per share.
Vertiv Holdings (VRT) is up more than +2% after raising its full-year adjusted EPS forecast to $4.07-$4.13 from a previous estimate of $3.75-$3.85, stronger than the consensus of $3.83.
Alphabet (GOOGL) is up more than +1% on news that Anthropic PBC is in discussions with Google about a deal for cloud computing services valued in the high tens of billions of dollars.
Earnings Reports(10/22/2025)
Alcoa Corp (AA), Amphenol Corp (APH), Annaly Capital Management Inc (NLY), AT&T Inc (T), Avery Dennison Corp (AVY), Boston Scientific Corp (BSX), CACI International Inc (CACI), Churchill Downs Inc (CHDN), CME Group Inc (CME), Crown Castle Inc (CCI), Equity LifeStyle Properties In (ELS), First American Financial Corp (FAF), FirstEnergy Corp (FE), GE Vernova Inc (GEV), Globe Life Inc (GL), Graco Inc (GGG), Hexcel Corp (HXL), Hilton Worldwide Holdings Inc (HLT), International Business Machine (IBM), Kinder Morgan Inc (KMI), Knight-Swift Transportation Holdings Inc (KNX), Lam Research Corp (LRCX), Las Vegas Sands Corp (LVS), Lennox International Inc (LII), Lithia Motors Inc (LAD), Medpace Holdings Inc (MEDP), Molina Healthcare Inc (MOH), Moody's Corp (MCO), Northern Trust Corp (NTRS), NVR Inc (NVR), O'Reilly Automotive Inc (ORLY), Packaging Corp of America (PKG), QuantumScape Corp (QS), Raymond James Financial Inc (RJF), Reliance Inc (RS), Robert Half Inc (RHI), SEI Investments Co (SEIC), Sonoco Products Co (SON), Southern Copper Corp (SCCO), SOUTHSTATE BANK CORP (SSB), Southwest Airlines Co (LUV), Stifel Financial Corp (SF), Teledyne Technologies Inc (TDY), Tesla Inc (TSLA), Thermo Fisher Scientific Inc (TMO), Travel + Leisure Co (TNL), United Rentals Inc (URI), Vertiv Holdings Co (VRT), Viking Therapeutics Inc (VKTX), Westinghouse Air Brake Technol (WAB), Wyndham Hotels & Resorts Inc (WH).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Pressured as Texas Instruments Drags Chipmakers Lower

In early trading on Wednesday, shares of Intuitive Surgical topped the list of the day's best performing components of the Nasdaq 100 index, trading up 15.4%. Year to date, Intuitive Surgical registers a 2.3% gain.
And the worst performing Nasdaq 100 component thus far on the day is Texas Instruments, trading down 8.0%. Texas Instruments is lower by about 11.3% looking at the year to date performance.
Two other components making moves today are Netflix, trading down 7.7%, and Warner Bros Discovery, trading up 3.6% on the day.
VIDEO: Nasdaq 100 Movers: TXN, ISRG
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Nasdaq 100 Movers: TXN, ISRG

In early trading on Wednesday, shares of Intuitive Surgical topped the list of the day's best performing components of the S&P 500 index, trading up 15.4%. Year to date, Intuitive Surgical registers a 2.3% gain.
And the worst performing S&P 500 component thus far on the day is Texas Instruments, trading down 8.0%. Texas Instruments is lower by about 11.3% looking at the year to date performance.
Two other components making moves today are Netflix, trading down 7.7%, and Amphenol, trading up 7.2% on the day.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

S&P 500 Movers: TXN, ISRG

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Indicator	TTM Median
P/E	36.44 28.98
Price/Sales	11.01 2.58
P/B	10.66 2.76
P/FCF	121.35 24.31

Indicator	TTM Median
ROE	28.61 15.33
ROA	13.89 6.66
ROI	16.27 9.73
Net Worth	176.26 0.98
Quick Ratio	3.37 1.53
Current Ratio	5.26 1.84

Indicator	TTM Median
Net Profit Margin	30.21 9.71
Operating Margin	34.29 11.07
Gross Margin	58.02 50.00
Return on tangible equity	38.52 27.59

Indicator	TTM Median
EPS	1.28 0.24
EPS Forecast	1.06 0.19
Revenue	4.07B 73.00M
Gross Profit	2.31B —
EBITDA	1.77B —

Texas Instruments Incorporated

TTM metrics for the latest quarter under IFRS and their historical dynamics

Valuation

Debts

Efficiency

Other ratios

Revenue