Jul 24, 2013

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Movers of the Day: Legg Mason Inc. (NYSE:LM) and Texas Instruments (NASDAQ:TI)

Movers of the Day: Legg Mason Inc. (NYSE:LM) and Texas Instruments (NASDAQ:TI)

Baltimore money manager, Legg Mason Inc. (NYSE:LM), has nominated Dennis M. Kass as nonexecutive chairman, substituting W. Allen Reed.  The new chairman moved to Legg Mason’s board in April. Mr. Kass was chairman and chief executive of Jennison Associates, an asset management firm possessed by Prudential Financial Inc., from 2003 to 2011, and its chairman until his withdrawal in 2012.

He also acted as an Assistant Secretary of Labor for Pension and Welfare Benefits in the Reagan administration.

His forerunner, Mr. Reed, has kept the post since September. He will stay as a member of the board and chairman of the finance committee.

Texas Instruments (NASDAQ:TI) shares jumped up heavily on Tuesday, as investors cheered signals that the Dallas chip tycoon’s shift to analog away from wireless is paying off.

TI was higher 4%, at $38.87, a day following the company reported higher profit and a better-than-expected outlook, despite posting a dip in revenue. TI’s results have been weighed down by a continuing shift away from wireless chips used for mobile devices as the company focuses more on the analog market.

TI Chief Financial Officer, Kevin March, said the company’s revenue had been “under pressure as we unwound legacy wireless.” But with that business now just a small and fast shrinking part of TI’s total revenue, “it’s much easier for investors to see the growth product lines in the company,” he told MarketWatch.

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