Applied Materials Rebounds Strongly After Initial Sell-Off

(RTTNews) - After gapping open sharply lower, shares of Applied Materials, Inc. (AMAT) have shown a significant turnaround over the course of the trading session on Friday. Applied Materials is currently up by 1.2 percent after tumbling as much as 8.4 percent.

The initial sell-off by Applied Materials came after semiconductor equipment maker reported fiscal fourth quarter earnings that matched expectations but forecasting fiscal first quarter results below estimates.

Applied Materials forecast fiscal first quarter earnings of $0.75 to $0.83 per share on revenues of $3.56 to $3.86 billion, while analysts had expected earnings of $0.92 per share on revenues of $3.94 billion.