Shares of Applied Materials, Inc. AMAT are up more than 13 percent in Friday’s session after the company delivered a huge earnings and guidance beat. The strength of Applied Materials’ guidance has lifted a number of its market peers on Friday as well:
- Lam Research Corporation LRCX is up 4.3 percent.
- Veeco Instruments Inc. VECO is up 4.0 percent.
- Ultratech, Inc. UTEK is up 4.3 percent.
- Axcelis Technologies Inc ACLS is up 5.6 percent.
- AIXTRON SE (ADR) AIXG has spiked 93 percent.
Applied Materials reported only a 0.3 percent increase in revenue in fiscal Q2, but its Q3 earnings guidance of $0.46-0.50/share came in well above market expectations.
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The stock is now trading above $22/share, far exceeding its previous 2016 highs. The stock is still well short of its 52-week high of $25.08.
“We are making significant progress with our strategy in semiconductor, display and service, and have a great pipeline of differentiated products that will fuel future growth,” CEO Gary Dickerson said in the earnings release.
Applied Materials also reported $481 million in operating cash flow, paid out $113 million in dividends and bought back $900 million common shares in Q2.
The stock is now up 20.7 percent year-to-date.
Disclosure: the author holds no position in the stocks mentioned.
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