AMAT
By Steve Abraham on Jul 16, 2007
A reader wants to know about Applied Materials. This was a darling of the 90’s bull market that hasn’t regained its shine. However, things aren’t as bad as they used to be. The stock is trending upward in a fairly tight range. AMAT expects to earn .31 when it announces earnings on August 14. Intel may be a way to play AMAT this week. If INTC announces blowout earnings then I think AMAT will go up in sympathy. Here is the chart:
6 Responses to “AMAT”
I believe INTC is going to beat earnings on Tuesday afternoon. Tomorrow we should see a rally ahead of earnings and list the sector up (both Tuesday and Wednesday). It’s probably a good idea to own some ahead of earnings.
What a jump today ahead of INTC’s earnings!! Well, INTC just reported earnings and traded lower AH, and so is AMAT. AMAT should retrace back to the low $20s again. Good channel play IMO.
Thanks for your comment. I dont think the stock goes to the low 20’s. I think yesterday’s breakout was for real and the stock held up well today on a down day. Also, the stock is likely to creep up before earnings are announced in August.
HI Steve, you are correct. AMAT held up well today in the mid 21s range. I meant to type “low 21s”, not “low 20s”. So you said that AMAT broke out on Tuesday and broke the trading range, does it mean it should trade higher above $21 from now on? Could you please suggest a good adding point? Or adding anywhere now is safe? Thanks.
Wize Trade suggests buying low and selling quick.
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The fundamentals look horrible but at some point the market starts looking past the current down cycle to the next up cycle. A high-volume breakout might indeed mark that point.