Texas Instruments (TXN) +0.9% AH after stating it will cut 1,700 jobs (5% of its workforce) as...

|By:, SA News Editor

Texas Instruments (TXN) +0.9% AH after stating it will cut 1,700 jobs (5% of its workforce) as it focuses OMAP processor and wireless connectivity chip development on "embedded applications with long life cycles." It expects to reap cost savings of $450M/year and record $325M in charges. TI has already telegraphed its plans to retreat from mobile app processors, leaving Qualcomm, Nvidia, and Intel as the main independent suppliers. TI's connectivity about-face is a positive for mobile combo chip leader Broadcom (BRCM).