Applied Materials, Inc. [NASDAQ: AMAT] is one of the stocks in the spotlight today. This follows the release of Q3 results in after-hours trading. The company has reported revenues of $3.56 billion, beating analyst expectations of $3.52 billion. The company’s EPS also stand at $0.74 against analyst expectations of $0.70. On the top line, this is the 3rd quarter that the company has reported a decline. However, the market was expecting this, and it hasn’t had any impact on the price. The company is one of the largest semiconductor companies, and its performance is an indicator of the trends in the semiconductor industry.
In announcing the results, the company’s management announced that they expect customers to continue with disciplined spending in the display market. The company also expects price elasticity of NAND take effect, and that their NAND investments will start recovering in 2020. The company also announced that in the last quarter, they won important process tools. This saw it secure over 80% of the applications that they competed for. These include PVD, CMP, and CVD. They also announced that its innovation strategy is beginning to pay. The company has also announced that it has been building its strength in conductor etch for memory.
From the charts, AMAT has dropped slightly in pre-market trading. At the time of writing, it was down at $45.30. This means it has broken the support from Thursday’s range of $46.50 and $47.31. In the last session, its trading volumes stood at 10,962,138 and closed with a market cap of $44.147 billion. In the day, the key level to watch will be $46.50, where it has established support from yesterdays trading. If it can open above this level when markets open, buying momentum could push it up in the day.
About Applied Materials Inc
This company manufactures, services and provides software to the semi-conductor display industries. It operates in three segments namely: Semiconductor systems, display and adjacent markets, and applied global services. Its operations are global but its core markets are the U.S, China and Europe.