Watch OEM Peers Following Applied Material's Strong Q1, Outlook

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Shares of Applied Materials, Inc. AMAT were trading higher by more than 8 percent on Friday after the company reported better-than-expected first-quarter results and encouraging guidance. Related Link: Applied Materials Dodges Smartphone Fears To Offer Positive Guidance Image Credit: Public Domain

"As the market moves into the sweet spot for Applied's materials engineering technology, we see strong demand for our semiconductor, display and service businesses," Gary Dickerson, president and CEO of Applied Materials said in the company's first-quarter print. "We are maintaining a positive outlook for 2016 as our customers make strategic, inflection-driven investments that play to our strengths."

Applied Materials encouraging outlook helped boost its peers. Shares of Lam Research Corporation LRCX were trading higher by nearly 2 percent ahead of Friday's opening bell, while KLA-Tencor Corp KLAC were trading higher by 0.12 percent. At the same time, shares of PowerShares QQQ Trust, Series 1 (ETF) QQQ were trading lower by more than 0.50 percent.

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Posted In: EarningsLong IdeasNewsGuidanceMoversTrading Ideasapplied materialsGary DickersonOEM MakersQQQTechnology Stocks
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