Texas Instruments : Elliott satisfied with progress made

(CercleFinance.com) - Activist investment fund Elliott on Wednesday welcomed the "positive" measures announced yesterday by US chipmaker Texas Instruments on the occasion of its quarterly publication.


In its second-quarter report, the Dallas, Texas-based group unveiled slightly better-than-expected results on Tuesday evening, and indicated that it had paid out $1.18 billion in dividends to its shareholders over the period, i.e. nearly $4.7 billion over the past 12 months.

In a statement, Elliott now says it is looking forward to next month's investor day, which it expects to set more precise sales and cash flow targets.

In his view, TI's ambitions for 300-mm analog semiconductor manufacturing are compatible with the generation of solid free cash flow over the coming years.

On the New York Stock Exchange, Texas Instruments shares were up 1% on Wednesday morning, against the backdrop of US stock markets losing between 0.8% and 2%.

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