Here's Why Applied Materials Shares Are Moving

Applied Materials, Inc. AMAT shares are trading lower by 2.96% to $148.11 during Wednesday's session. Shares of chip stocks are trading lower after Advanced Micro Devices on Wednesday reported second-quarter earnings results and after the company issued third-quarter guidance with a midpoint below estimates.

What Happened With AMD?

Advanced Micro Devices posted quarterly earnings of $0.58 per share, surpassing the analyst consensus estimate of $0.57 by 1.75%. However, there was a 44.76% decrease in earnings compared to $1.05 per share from the same period last year.

The company's quarterly sales amounted to $5.36 billion, slightly exceeding the analyst consensus estimate of $5.32 billion by 0.68%. Nevertheless, there was an 18.18% decrease in sales compared to $6.55 billion in the same period last year...Read More

According to data from Benzinga Pro, Applied Materials has a 52-week high of $153.28 and a 52-week low of $71.12.