Shares of semiconductor, chip and memory companies, including Applied Materials, Inc. (NASDAQ:AMAT) are trading lower in sympathy with Micron, which issued first-quarter EPS and sales guidance below estimates.
Shares of tech companies at large are also trading lower this week amid a rise in bond yields, which has weighed on growth stock valuations.
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Applied Materials is one of the world's largest suppliers of semiconductor manufacturing equipment, providing materials engineering solutions to help make nearly every chip in the world. The firm's systems are used in nearly every major process step with the exception of lithography.
Applied Materials is trading lower by 3.5% at $128.25. Applied Materials has a 52-week high of $146.00 and a 52-week low of $56.87.