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In the Premarket trading session on Friday, Applied Materials Inc.’s stock was trading at 60.33- higher by 5.92% as compared to its previous close.
The company reported better-than-expected quarterly earnings after the market close on Thursday. Applied Materials generated adjusted EPS of 80 cents for the fourth quarter. The EPS was above the market expectation of 76 cents. The semiconductor manufacturing equipment maker brought in $3.75 billion in revenue for the quarter ended 27th October. The revenue was above the consensus estimates of $3.68 billion.
Applied Materials reported better-than-expected earnings thanks to stronger demand for processor chips. The chip gear maker forecast first-quarter net sales to be approximately $4.10 billion, plus or minus $150 million for the fiscal year 2020. Applied Materials expects Non-GAAP adjusted diluted EPS between 87 cents and 95 cents for the fiscal first quarter. Stocks of the company have gained about 74% so far this year.
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 60.20 TAKE PROFIT AT 60.78 STOP LOSS AT 59.90