Texas Instruments rout leaves Russell rebalance traders with Monday headache
Texas Instruments logged a sharp drop to end the week, caught in what traders called the “wrong” side of the Russell reconstitution trade. Shares slid 8.46% to $285.43 on Friday, after starting the week at $332.28 and hitting $334.03 on Monday. Volume spiked to 29.8 million shares, up from about 9.3 million shares a day through Thursday. The stock dropped harder than the chip index. The iShares Semiconductor ETF was down around 5.7% on Friday. The SPDR S&P 500 ETF Trust slipped roughly 0.5%, market data showed.