Applied Materials (NASDAQ:AMAT) posted earnings late yesterday of $468 million, or $0.35 per share, compared to $138 million, or $0.10 per share, in the same quarter last year. Results beat analyst expectations, but Applied Materials said it expects revenue to dip 8-15% in the first fiscal quarter of 2011. Analysts are adjusting their outlooks on the company today.
Morgan Stanley (NYSE:MS), which has an overweight rating on the stock, raised its price target by a dollar to $16. J.P. Morgan (NYSE:JPM) released a note to reiterate its overweight rating on the stock and its $14 price target. And, Piper Jaffray (NYSE:PJC) reiterated its neutral rating on the stock. Applied Materials shares are trading higher by 2.5% today.
At 10.71% of the portfolio, AMAT is a top holding of the Semiconductor Holders ETF (AMEX:SMH). Texas Instruments (NASDAQ:TXN) is the top holding in the fund account for 22.47% of the NAV. Intel (NASDAQ:INTC) is the second-largest holding, at 21% of the fund.
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