Texas Instruments' December quarter guidance was meaningfully below expectations and implies an expectation for worsening year-over-year declines against an easy comparison off the weak December 2018 quarter, Nomura Instinet analyst David Wong tells investors in a post-earnings research note. The company noted broad-based weakness across all customers, regions, products, and technologies, the analyst adds. "This suggests to us that the semiconductor downturn may be deepening," says Wong, who remains cautious on the sector and maintains a Neutral rating on Texas Instruments.