Applied Materials earnings preview
Gary Christie August 12, 2020 3:18 PM
Can AMAT surge to record highs, or will the uptrend reverse?
On Thursday, Applied Materials (AMAT), the global leader in materials engineering solutions for the semiconductor industry, is expected to post 3Q EPS of $0.94 compared to $0.74 last year on sales of $4.2B vs $3.6B a year ago.
The stock has an expected move of 5.2% up or down and dropped 4.4% after the last earnings release. The stock has 22 buys, 5 holds and 0 sell recommendations according to Bloomberg Consensus.
Technically speaking, the stock remains in an uptrend inside a bullish trend channel. The 50-day moving average (in blue) is acting as support and can be used as a trailing stop near $61.70. As long as the uptrend remains active, look for a test of record highs at the $69.40 level. A break below the 50-day moving average would signal the end of the bullish trend and a call to test supports of $59.50 and 56.25 in extension.
Source: GAIN Capital, TradingView
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