Texas Instruments posted earnings of $0.62 cents a share on revenue of $3.29 billion in its second quarter. Wall Street analysts were looking for profits of $0.59 cents a share on sales of $3.27 billion. In the same period last year, the company earning $0.58 cents a sahre on revenue of $3.05 billion. Gross margin came in at 57.1%, a new record for the company, and the company finished the quarter with $2.8 billion of cash and short-term investments, 82% of which was owned by the company's U.S. entities. TI's outlook for the third quarter of 2014 is for revenue in the range of $3.31 billion to $3.59 billion and earnings of between $0.66 and $0.76 cents a share. Wall Street’s average Q3 estimate is for earnings of $0.68 cents on sales of $3.44 billion. TheStreet's Gregg Greenberg reports from New York.