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Applied Materials Shares Plunge Following Lowered 2012 Forecast (AMAT)

By Dividend.com,  July 10, 2012, 09:35:17 AM EDT

Semiconductor components maker Applied Materials, Inc. ( AMAT ) on Tuesday cut its 2012 earnings forecast, citing weaker-than-expected demand.

The Santa Clara-based company said that lower demand could negatively impact its full-year earnings by 15-20 cents per share. Previously, AMAT forecast full-year profits of 85 to 95 cents per share.

It also expects 2012 revenue to fall short of its prior outlook for $9.1 billion to $9.5 billion. However, current fiscal third quarter earnings are still expected to be within the forecasted range. The company will provide further detail on its updated guidance during its next earnings report on Aug. 15.

Applied Materials shares fell 61 cents, or -5.5%, in premarket trading Tuesday.

The Bottom Line
Shares of Applied Materials ( AMAT ) have a 3.27% dividend yield, based on last night's closing stock price of $11.01. The stock has technical support in the $9-$10 price area. If the shares can firm up, we see overhead resistance around the $12.00-$12.50 price levels.

Applied Materials, Inc. ( AMAT ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Stocks

Referenced Stocks: AMAT



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