Texas Instruments

WASHINGTON -- Raytheon Co. got U.S. approval for its $2.95 billion purchase of Texas Instruments Inc.'s defense electronics business by agreeing to sell a TI unit that produces a key component for radar systems.Under a settlement announced yesterday by the Justice Department, Raytheon will sell Texas Instruments' production facilities for high-power monolithic microwave integrated circuits, or MMICs, which extend the power and range of radar systems for fighter aircraft and other weapons systems.

NEW YORK -- U.S. stocks were mixed yesterday as losses by Procter & Gamble Co. and other consumer product makers offset hopes for better-than-expected earnings among computer companies in the second quarter.The Dow Jones industrial average fell 9.95 to 7,772.09 after a six-day rally sent the 30-stock average up 476 points, or 6.5 percent. P&G and American Express Co. led the Dow lower.The Standard & Poor's 500 index rose 0.63 to 893.90, its 27th record of the year. The Nasdaq composite index, filled with computer-related companies, rose 8.92 to 1,431.

Congress is rattling its bill hoppers at the merger-crazed defense industry, threatening to undo the payment of subsidies that opponents have labeled "payoffs for layoffs."A Vermont congressman who last year almost halted the practice says he thinks he now has support to finish the job.Industry executives warn that mega-deals like the impending consolidation of Boeing Co. and McDonnell Douglas Corp. might not take place if the government backs out of paying some of their costs.The practice now lets the Defense Department reimburse merging companies for certain expenses of consolidating -- including layoffs -- in return for future savings from the more efficient new company.

The newest partners have paired off in the defense industry's consolidation waltz, with Raytheon Co. announcing a $2.95 billion cash deal yesterday to purchase the defense operations of Texas Instruments Inc.Analysts said the pickup gives Massachusetts-based Raytheon an advantage in the drive to assemble one more big defense company in the shadow of the industry's two superpowers, Lockheed Martin Corp. of Bethesda and Boeing Co. of Seattle.The next to be sold should be GM Hughes, which is on the block at a reputed price of $8.5 billion.

Jerry R. Junkins, 58, Texas Instruments CEOJerry R. Junkins, 58, who became chief executive officer of Texas Instruments Inc. 11 years ago and reshaped it in the face of global competition and military cuts, died yesterday of a heart attack during a business trip to Stuttgart, Germany.He spent his entire career at the huge electronics and defense firm, rising from parts clerk to CEO in 1985 and chairman in 1988."He has had an enormous impact not only on our industry, but on all of those of us who have known him," said Norman R. Augustine, chief executive of Lockheed Martin Corp.

NEW YORK -- U.S. stocks slid yesterday after weaker-than-expected earnings from Texas Instruments Inc., Cummins Engine Co. and Monsanto Co. sapped optimism that corporate profits will exceed analysts' forecasts this year.The decline ended the biggest three-day rally in the Dow Jones industrial average since February 1993, an advance helped by dazzling earnings reports from International Business Machines Corp. and Caterpillar Inc.Rising Treasury bond yields also hurt stocks. Investors were concerned that President Clinton might scuttle budget talks in his State of the Union address, sending bond yields higher and raising corporate borrowing costs.

NEW YORK -- U.S. stocks fell yesterday, led by technology issues, as analysts grew concerned that falling prices and burgeoning production of semiconductors will stunt chipmakers' profit growth.Soundview Financial Group analyst Rick Whittington sparked the slide by downgrading Micron Technology Inc. and Texas Instruments Inc., high-flying chip makers with share prices that have more than doubled this year.The Dow Jones industrial average, ahead most of the day, closed lower amid a round of computer-guided sell orders.

NEW YORK -- U.S. stocks rose for a second day yesterday as Ford Motor Co. drove up other auto stocks and a host of technology and financial companies reported better-than-expected earnings.Texas Instruments Inc., J. P. Morgan & Co., PaineWebber Group Inc. and Student Loan Marketing Association posted surprisingly strong profits for the latest quarter, suggesting that while earnings growth may be slowing, it isn't ending.The Dow Jones industrial average, up 14.45 Wednesday, climbed 29.63 yesterday, to 4,764.

Bell Atlantic to sell computer service unit to Decision ServcomBell Atlantic Corp. will sell its Business Systems Services computer maintenance unit to Decision Servcom Inc. for an undisclosed sum, the companies said yesterday.The transaction, expected to be completed next month, will make closely held Decision Servcom a company with more than $700 million in revenue and more than 6,000 employees. Bell Atlantic has 4,300 employees worldwide. It wouldn't disclose revenue figures for its computer-service unit.

GSE Systems Inc., a Columbia-based supplier of systems that simulate industrial processes, said yesterday that it has acquired a Hunt Valley business that could extend GSE's reach far beyond its stronghold in the power generation industry.Under an agreement with Texas Instruments Corp. of Dallas, GSE will offer jobs to the 235 managers and other employees of TI's Process Systems business and continue doing business at its current location. GSE Systems will change the name of the business to GSE Process Solutions Inc.The companies declined to reveal the price of the acquisition.