Applied Materials Inc. (NASDAQ:AMAT) stock fell more than 2% in Tuesday’s premarket trading as semiconductor equipment stocks faced selling pressure.
Applied Materials faced pressure amid broader weakness in technology stocks. Founding partners include Taiwan Semiconductor Manufacturing Company Ltd.
(NYSE:TSM), Intel Corp. (NASDAQ:INTC), Samsung Electronics Co.
Ltd. (OTC:SSNLF), Micron Technology Inc.
(NASDAQ:MU) and SK hynix Inc. (NASDAQ:SKHY), while Broadcom Inc.
Technical AnalysisApplied Materials remains in a longer-term uptrend despite recent volatility. However, near-term momentum has weakened.
The 20-day SMA is below the 50-day SMA, signaling potential short-term weakness. 53, indicating neutral momentum.
50 and support at $426. 67.
See More: Top Value Stocks Earnings And Analyst OutlookApplied Materials is expected to report earnings on Nov. 17 a year earlier.
Recent analyst actions include Morgan Stanley maintaining an Equal-Weight rating while lowering its price forecast to $563 on Sept. UBS maintained a Buy rating and raised its price forecast to $695 on Sept.
1. Meanwhile, Mizuho maintained an Outperform rating but lowered its price forecast to $590 on Aug.
06. 69 highlights valuation concerns.
Overall, the rankings point to strong fundamentals but limited valuation flexibility. These holdings expose the funds to changes in Applied Materials’ share price.
