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Applied Materials’ stock is currently trading at 51.70- lower by 5.02% as compared to its previous close. In the pre-market trading session, the stock was trading lower by 2.72%. The stock has continued falling after the opening bell.
The chip gear maker reported its second-quarter revenue and earnings after the market close on Thursday. Applied Materials generated an EPS (excluding items) of $0.89 for the second quarter. The EPS was below the consensus estimates of $0.94. The chip gear maker brought in $3.96 billion in revenue for the quarter ended on 26th April. The revenue was also below the market expectation of $4.13 billion.
Applied Materials expected to recoup any coronavirus-related lost sales during the second half of the year. The chip gear maker did not provide a forecast for the current quarter. Applied Materials had earlier said that government restrictions in the US were disrupting its supply chain. Stocks of Applied Materials have fallen about 16% Year-to-date.
On the technical front, the current price is below the MA5. The current price is above the middle line of the Bollinger Bands but is heading downwards. The RSI is currently at 50.89% and suggests that the market can move in the downward direction.
Overall Bias is Negative and short-term trades can be initiated with tight Stop Loss and Profit target.
TRADE SUGGESTION- LIMIT SELL AT 51.80 TAKE PROFIT AT 49.80 STOP LOSS AT 52.80