On July 23, Texas Instruments declined 3.06% overnight, trading at $285.2/share, with turnover of $13,100. Despite reporting second-quarter results that significantly exceeded market expectations, the stock faced selling pressure as investors locked in gains following a sustained rally to all-time highs.

The company reported Q2 revenue of $5.463 billion, up 23% year-over-year and above the consensus estimate of $5.248 billion. Adjusted EPS came in at $2.14, representing a 51.77% increase from $1.41 a year earlier and beating the $1.92 estimate by 11.46%. Gross margin expanded to 61.36%, while net income surged 53% to $1.98 billion. The company also issued Q3 guidance above analyst expectations.

However, the stock had already been propelled to record highs ahead of the report, driven by multiple broker upgrades — KeyBanc raised its target to $390, TD Cowen to $360, UBS to $350, and Cantor Fitzgerald to $340. CEO Haviv Ilan noted broad-based growth across industries, with the automotive segment accelerating in Q2. Analysts noted the strong results were largely priced in, leading to post-earnings profit-taking.

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