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Applied Materials Hits New All-Time High And Retreats

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Applied Materials, Inc. (NASDAQ: AMAT) shares are trading higher by $0.60 at $44.51 in Friday's session.

The catalyst for the rally is a Q2 adjusted EPS beat of $0.03 along with a slight sales beat. The company significantly raised Q3 EPS and sales guidance.

After a higher open, it easily cleared its former all-time high that was made Tuesday at $45.08, rallying to $45.74 before reversing course. At that point, some profit-takers came into the stock. So far, the ensuing decline has found support at the upper-end of Thursday's range ($44.10) and has rebounded back into the mid $44.00 handle.

In order to post a new all-time closing high, it needs to end the session above Tuesday's close of $45.07.

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