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In the Premarket trading session on Thursday, Applied Materials Inc.’s stock was trading at 67.26- higher by 2.89% as compared to its previous close.
The company reported its first-quarter earnings after the market close on Wednesday. Applied Materials generated adjusted EPS of 98 cents for the first quarter. The EPS was above the market expectation of 91 cents. The semiconductor manufacturing equipment maker brought in $4.16 billion in revenue for the quarter ended 26th January. The revenue was above the consensus estimates of $4.09 billion.
Applied Materials expected second-quarter profit and revenue above the market expectation as customers upgraded their semiconductor equipment ahead of a global 5G roll out. The chip gear maker forecast second-quarter revenue of $4.34 billion, plus or minus $200 million. The expected revenue was above the median forecast of $4.05 billion. Applied Materials sees fiscal second-quarter earnings of 98 cents to $1.10 per share, above analysts’ expectations of 92 cents. Stocks of the company have gained 7.09% Year-to-date.
On the technical front, the current price is above the MA5 and the MA20. The current price is above the upper band of the Bollinger Bands and is heading upwards. The stock is expected to trade higher today.
TRADE SUGGESTION- LIMIT BUY AT 66.90 TAKE PROFIT AT 67.70 STOP LOSS AT 66.50