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Texas Instruments says Q2 tracking consistent with expectations, orders strong

On Texas Instruments' Q2 mid-quarter update, management said, "The quarter is generally tracking consistent with our expectations. Along those lines strength has broadened across both customers and markets during the quarter as we had expected when we gave our April guidance." They noted that the strength in the Industrial and Automotive markets from Q1 has carried over into Q2. Also, they are seeing some growth in communications infrastructure. The company expects revenue from its legacy wireless product lines to decline sequentially this quarter, and sees weakness in PC's and notebooks. Overall, management said, "We find the current environment very encouraging right now, and would describe orders this quarter as strong." They noted they are building backlog and expanding book-to-bill, which should be greater than one in Q2. They added that capital expenditures are at historic lows and would be sustained at those levels for years to come. FY CapEx guidance remained unchanged at $500M.