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Wire

Update: BofA Securities Raises Applied Materials Price Target to $540 From $465, Maintains Buy Rating

(Updated to include BofA's commentary)BofA Securities raised its price target on Applied Materials (AMAT) to $540 from $465 following its fiscal Q2 results.The brokerage highlighted the solid beat, with the demand broadening across the company's most strategic markets, and management's unprecedented visibility into 2027/28, with customers providing rolling eight-quarter forecasts.It also mentioned the company's improving margin/FCF profile, with Semi Systems gross margin already approaching 55% and overall gross margin crossing 50%.Applied Materials has an average rating of Buy and mean price target of $512.07, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $434.21, Change: $-6.35, Percent Change: -1.44%

$AMAT
Wire

Applied Materials Seen Outperforming Wafer Fab Equipment Industry, Morgan Stanley Says

Applied Materials (AMAT) is expected to outperform the wafer fab equipment industry by more than 10 percentage points as it benefits from leading-edge logic strength and unprecedented DRAM demand, Morgan Stanley said Friday in a note.The company noted that the 2027 WFE spending mix should continue to work in its favor, as leading-edge foundry/logic, DRAM, and advanced packaging are expected to account for over 80% of WFE spending growth, according to the firm. However, Morgan Stanley said it remains cautious on the company's position and models its 2027 systems shipments in-line with WFE growth at 28% versus 27%.Despite management's conviction in its Process Control business, the brokerage is "not yet ready to give the company the benefit of the doubt and will be looking to be proven wrong," according to the note.The brokerage raised its 2026 EPS and revenue forecast to $13.74 and $36.4 billion from $12.63 and $34.7 billion, respectively. It also lifted 2027 estimates to $17.94 and $45.3 billion from $16.21 and $42.4 billion previously.Morgan Stanley kept an overweight rating on Applied Materials and raised the price target to $502 from $455.Price: $433.45, Change: $-7.11, Percent Change: -1.61%

$AMAT
Wire

Applied Materials Expects Semiconductor Equipment Business to Grow Faster in 2026

Applied Materials (AMAT) expects its semiconductor equipment business to grow more than 30% in 2026, up from its previous guidance of more than 20%, according to a Thursday transcript of the company's fiscal Q2 earnings call."As customers find new ways to reallocate or create space, we are seeing incremental requests for equipment deliveries in 2026," Chief Executive Officer Gary Dickerson said.Dickerson said that Applied Materials' largest customers are providing rolling eight-quarter forecasts, allowing the company to prepare the required manufacturing capacity."With this improved visibility, we see continued growth across this extended planning horizon, into 2027 and beyond, and we are investing to support our customers' expansion plans," he added.Price: $431.55, Change: $-9.01, Percent Change: -2.05%

$AMAT
Wire

BofA Securities Raises Applied Materials Price Target to $540 From $465, Maintains Buy Rating

Applied Materials (AMAT) has an average rating of Buy and mean price target of $512.07, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $430.32, Change: $-10.25, Percent Change: -2.33%

$AMAT
Wire

HSBC Adjusts Applied Materials Price Target to $522 From $517, Maintains Buy Rating

Applied Materials (AMAT) has an average rating of buy and mean price target of $504.16, according to analysts polled by FactSet.Price: $429.54, Change: $-11.02, Percent Change: -2.50%

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Asia Markets

US Equity Futures Fall Pre-Bell as US-China Summit Ends With No Significant Policy Developments

US equity futures were falling pre-bell Friday as traders noted that the summit between President Donald Trump and Chinese President Xi Jinping ended with no significant policy developments.Dow Jones Industrial Average futures were 0.9% lower, S&P 500 futures were down 1.2%, and Nasdaq futures were 1.7% lower.The two world leaders agreed that the Strait of Hormuz should remain open, according to a US readout from a White House official. Trump said that China agreed to 200 planes from Boeing (BA), with the promise to buy 750 "if they do a good job with the 200." Details of the agreement were not immediately available, including when and which type of jets would be delivered, but the initial figure was smaller than 500-plane package expected by investors.Traders also digested the latest round of earnings, with Applied Materials (AMAT) posting higher fiscal Q2 earnings and revenue late Thursday.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 2.5% at $108.34 per barrel and US West Texas Intermediate crude 3.2% higher at $104.43 per barrel.The New York Federal Reserve's Empire State manufacturing index rose to 19.6 in May from 11.0 in April, compared with expectations of a decrease to a reading of 7.2 in a survey compiled by Bloomberg.The April industrial production report, due at 9:15 am ET, is forecast to show a 0.3% increase following a 0.5% decline in the prior month.In other world markets, Japan's Nikkei closed 2% lower, Hong Kong's Hang Seng ended 1.6% lower, and China's Shanghai Composite finished 1% lower. Meanwhile, the UK's FTSE 100 was down 2%, and Germany's DAX index was 2% lower in Europe's early afternoon session.In equities, Nvidia (NVDA), Micron Technology (MU), and Taiwan Semiconductor Manufacturing (TSM) were part of broader technology stock sell-offs as traders took profits after the group saw sharp gains of late. Nvidia shares were 3% lower, Micron stock was down 4.2%, and Taiwan Semiconductor shares fell 3%.On the winning side, Toyota Motor (TM) shares were up 1.7% after the company sought approval to build a new vehicle assembly line at its manufacturing plant in Texas as part of a $2 billion expansion, according to a Reuters report citing a filing. Figma (FIG) stock was up 7.2% after the company posted higher Q1 adjusted earnings and revenue that beat analysts' estimates. Magnum Ice Cream (MICC) shares rose over 11% after Reuters reported that Blackstone (BX) and Clayton, Dubilier & Rice are in the early stages of considering bids to acquire the company.

Dow JonesNasdaq CompositeS&P 500$AMAT$BA$BX$FIG$MICC$MU$NVDA$TM$TSM
Japan

US Equity Futures Fall Pre-Bell as US-China Summit Ends With No Significant Policy Developments

US equity futures were lower pre-bell Friday as traders noted that the summit between President Donald Trump and Chinese President Xi Jinping ended with no significant policy developments.Dow Jones Industrial Average futures were 0.6% lower, S&P 500 futures were down 1%, and Nasdaq futures were 1.4% lower.The two world leaders agreed that the Strait of Hormuz should remain open, according to a US readout from a White House official. Trump said that China agreed to 200 planes from Boeing (BA), with the promise to buy 750 "if they do a good job with the 200." Details of the agreement were not immediately available, including when and which type of jets would be delivered, but the initial figure was smaller than 500-plane package expected by investors.Traders also digested the latest round of earnings, with Applied Materials (AMAT) posting higher fiscal Q2 earnings and revenue late Thursday.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 2.4% at $108.28 per barrel and US West Texas Intermediate crude 3% higher at $104.18 per barrel.The May Empire State manufacturing index, scheduled for release at 8:30 am ET, is seen coming in at 7.2 versus 11 previously, according to estimates compiled by Bloomberg.The April industrial production report, due at 9:15 am ET, is forecast to show a 0.3% increase following a 0.5% decline in the prior month.

Dow JonesNasdaq CompositeS&P 500$AMAT$BA
Stocks Fall Pre-Bell as Traders Weigh Trump-Xi Meeting Outcomes
US Markets

Stocks Fall Pre-Bell as Traders Weigh Trump-Xi Meeting Outcomes

The benchmark US stock measures were tracking in the red before the open Friday as traders evaluate the outcomes of President Donald Trump's high-stakes meeting with his Chinese counterpart, Xi Jinping.The S&P 500 declined 1.2%, the Dow Jones Industrial Average decreased 0.8% and the Nasdaq dropped 1.7% in premarket activity. The indexes finished the previous trading session up, with the S&P 500 and Nasdaq logging record closing highs for the second straight day.Trump reportedly concluded his two-day visit to Beijing on Friday after holding policy discussions with Xi on trade, tariffs and technology, among other matters. In a pre-recorded interview with Fox News, Trump said China has agreed to purchase oil from the US, CNBC reported."They've agreed they want to buy oil from the US," Trump reportedly said. "They're going to go to Texas, we're going to start sending Chinese ships to Texas and to Louisiana and to Alaska."China hasn't confirmed the energy purchases, according to the CNBC report.West Texas Intermediate crude oil climbed 3.4% to $104.56 a barrel before the opening bell, while Brent was up 2.7% to $108.61.Trump said he and Xi agreed during their meeting that Iran shouldn't have a nuclear weapon and that the crucial Strait of Hormuz should reopen, Bloomberg News reported. The Trump administration has reportedly signaled its interest in getting China's help to push Iran into talks to end the conflict in the Middle East, but Beijing remains cautious."The market could be pinning too much hope on the US-China talks yielding some positive results on Iran," ING Bank said in a note on Thursday. "Some hope that China could exert pressure on Iran to reach a deal with the US, to end the war and lead to a resumption of energy flows through the Strait of Hormuz."Treasury yields were trending higher in premarket action, with the two-year rate increasing 6.2 basis points to 4.05% and the 10-year rate adding 8.1 basis points to 4.54%.Friday's economic calendar has the Empire State manufacturing index for May at 8:30 am ET, followed by the industrial production report for April at 9:15 am. The weekly Baker Hughes oil-and-gas rig count is out at 1 pm.US retail sales in April rose for the third straight month, with analysts saying the increase largely reflected higher prices as the war in Iran kept fuel costs elevated.Inflation has become the "most pressing risk" to the US economy, Kansas City Fed President Jeff Schmid said Thursday."While inflation has moderated significantly from its peak, in my discussions with business leaders across the Tenth District, it is clear that it is still too high," Schmid said in prepared remarks for a conference.Applied Materials (AMAT) shares fell 3.2% pre-bell, even though the semiconductor equipment maker reported better-than-expected fiscal second-quarter results.Gold slipped 2.8% to $4,556 per troy ounce, while bitcoin moved down 0.9% to $80,741.

Dow JonesNasdaq CompositeS&P 500$AMAT
Applied Materials to Outperform Wafer Fab Equipment Market Amid Strong Tailwinds, Morgan Stanley Says
US Markets

Applied Materials to Outperform Wafer Fab Equipment Market Amid Strong Tailwinds, Morgan Stanley Says

Applied Materials (AMAT) is expected to outperform the wafer fabrication equipment market by double-digit percentage points amid strong tailwinds, including memory demand, Morgan Stanley said in a note emailed toon Friday.The semiconductor equipment maker late Thursday posted per-share adjusted earnings of $2.86 for the quarter ended April 26, up from $2.39 a year ago, while revenue advanced 11% to $7.91 billion. Both metrics topped Wall Street's estimates.Morgan Stanley projects the firm to outperform the wafer fabrication equipment market by more than 10 percentage points, implying its "strongest" relative performance since 2020, when it outgrew the industry by 14 percentage points."The company is benefiting from strong tailwinds, including incremental 3nm wafer additions and unprecedented (dynamic random access memory) greenfield activity, while also demonstrating the ability to execute and meet expedite requests," Morgan Stanley wrote in its note.Morgan Stanley believes leading-edge foundry logic, DRAM and advanced packaging will account for more than 80% of annual growth in wafer fabrication equipment spending, and expects these categories to continue driving gains on an absolute dollar basis. However, the focus could shift to how well the company is positioned to capture the next wave of chip spending into 2027, the note added.Shares of the firm were down 3.9% in Friday's most recent premarket activity."While our preliminary 2027 forecast assumes AMAT grows broadly in line with WFE, the company's execution so far in 2026 is pushing us to look for more reasons to be incrementally positive rather than negative," Morgan Stanley said.During a late Thursday earnings call with analysts, Chief Executive Gary Dickerson said the company now anticipates its semiconductor equipment business to grow more than 30% this calendar year. Previously, the company expected a gain of over 20%."Given the unprecedented demand environment, we are working closely with our customers on longer-range planning," Dickerson said on the call, according to a FactSet transcript. "With this improved visibility, we see continued growth across this extended planning horizon, into 2027 and beyond, and we are investing to support our customers' expansion plans."For the ongoing quarter, Applied Materials expects adjusted EPS of $3.36 a share, plus or minus $0.20. Revenue is pegged at $8.95 billion, plus or minus $500 million. The Street is looking for non-GAAP EPS of $3.18 and sales of $8.62 billion.Morgan Stanley lifted its price target on Applied Materials to $502 from $454 with an overweight rating on the stock.

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Research

Morgan Stanley Lifts Price Target on Applied Materials to $502 From $454, Keeps Overweight Rating

Applied Materials (AMAT) has an average rating of buy and mean price target of $498.68, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

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Research

Research Alert: Amat: Guide Blows Away Consensus; Now Expecting 30%+ Semi Equip Growth In Cy 26

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:AMAT posted Q2 FY 26 sales of $7.91B (+11% Y/Y), beating consensus of $7.69B, with non-GAAP EPS of $2.86 (+20% Y/Y) also exceeding Street expectations of $2.68. Semiconductor Systems grew 10% Y/Y, after export control headwinds drove a 6% average decline over the prior two quarters. Gross margin of 50.0% (+80 bps Y/Y) and operating margin of 32.1% (+140 bps) both topped consensus. Management described the AI buildout as providing an "exceptionally strong foundation for sustained, multi-year growth," and its guidance validates this position, with Q3's outlook for sales (~$8.95B) and non-GAAP EPS (~$3.36) shattering expectations for $8.15B/$2.90. More impressively, management raised its CY 26 semi equipment growth outlook to 30%+ from a 20%+ view last quarter, with 2027 also set to be a record year. We view AMAT's outlook as extremely impressive and indicative of solid execution despite industrywide supply chain concerns, though growing competition in China (27% of sales, +200 bps Y/Y) remains a threat.

$AMAT
Applied Materials Tops Second-Quarter Views Amid Computing Infrastructure Growth
US Markets

Applied Materials Tops Second-Quarter Views Amid Computing Infrastructure Growth

Applied Materials' (AMAT) fiscal second-quarter results exceeded Wall Street's estimates as the semiconductor equipment maker capitalized on mounting demand for computing infrastructure.Adjusted earnings per share increased to $2.86 during the quarter ended April 26 from $2.39 a year ago, topping the FactSet-polled consensus of $2.68. Revenue grew 11% to $7.91 billion, ahead of the Street's $7.68 billion view."The rapid global build-out of (artificial intelligence) computing infrastructure combined with Applied's strong leadership positions in leading-edge logic, (dynamic random access memory) and advanced packaging provide an exceptionally strong foundation for sustained, multi-year revenue and profit growth," Chief Executive Gary Dickerson said in a statement late Thursday.Sales in the semiconductor systems segment rose to $5.97 billion from $5.40 billion, while applied global services advanced to $1.67 billion from $1.42 billion.RBC Capital Markets expected Applied Materials to beat second-quarter estimates and provide an above-consensus third-quarter outlook amid robust DRAM and high-bandwidth memory spending trends.Applied Materials expects adjusted EPS of $3.36 a share, plus or minus $0.20, for the ongoing quarter. Revenue is pegged at $8.95 billion, plus or minus $500 million. The consensus on FactSet is for non-GAAP EPS of $2.89 and sales of $8.14 billion."We now expect our semiconductor equipment business to grow more than 30% in calendar 2026," Dickerson said.Applied Materials shares were up 3.8% in after-hours trading. The stock is up 71% so far this year as of Thursday close.

$AMAT
Equities Rise Intraday Amid Cisco-Led Tech Rally; Trump-Xi Summit in Focus
US Markets

Equities Rise Intraday Amid Cisco-Led Tech Rally; Trump-Xi Summit in Focus

US benchmark equity indexes were higher intraday amid a post-earnings rally in Cisco Systems (CSCO), while markets tracked updates of a high-stakes meeting between President Donald Trump and his Chinese counterpart, Xi Jinping.The Nasdaq Composite was up 0.8% at 26,614 after midday Thursday, while the S&P 500 rose 0.7% to 7,496.6. Both indexes hit fresh record highs in the previous session. The Dow Jones Industrial Average was up 0.7% at 50,054.1 intraday Thursday.Most sectors were in the green, led by technology's 1.6% jump, while materials saw the biggest drop.Cisco shares were up nearly 13%, the biggest gainer on the S&P 500 and the Dow. Late Wednesday, Cisco's fiscal third-quarter results exceeded Wall Street's estimates, while the networking equipment maker announced a restructuring plan that involves thousands of layoffs.Cisco's expanded hyperscaler partnerships are paying dividends for the company, as evidenced by management expectations for a surge in artificial intelligence orders, Morgan Stanley said in a note e-mailed Thursday.Nvidia (NVDA) followed Cisco on the Dow intraday, up 3.6%. About 10 Chinese companies have secured US clearance to purchase Nvidia's H200 AI chip, Reuters reported, citing unnamed sources.Nvidia Chief Executive Jensen Huang is accompanying Trump in his China trip, along with executives of several other major US tech companies.Xi told Huang and CEOs of Apple (AAPL), Tesla (TSLA) and other companies that China will "open wider" to doing business, news outlets reported.Apple shares were down 0.2% intraday, while Tesla rose 0.3%.Boeing (BA) is set to get an order for 200 jets from China, Fox News reported, citing Trump. The US planemaker's shares fell 3.7%, the biggest drop on the Dow.US Treasury yields were mixed intraday, with the 10-year rate down 2.6 basis points at 4.45% and the two-year rate little changed at 3.99%.Xi has pledged not to provide military equipment to Iran, CNN reported, citing Trump.The two leaders agreed that the crucial Strait of Hormuz should remain a free waterway and Iran shouldn't be able to exact payments for the use of shipping lanes, The Wall Street Journal reported, citing a White House readout of the Trump-Xi talks."The market could be pinning too much hope on the US-China talks yielding some positive results on Iran," ING Bank said in a note. "Some hope that China could exert pressure on Iran to reach a deal with the US, to end the war and lead to a resumption of energy flows through the Strait of Hormuz."West Texas Intermediate crude was up 0.4% at $101.37 a barrel intraday, while Brent edged down 0.2% to $105.46.In economic news, US retail sales in April rose for the third straight month, with analysts saying the increase largely reflected higher prices as the war in Iran kept fuel costs elevated."Surprisingly, firm underlying retail sales in April suggest another quarter of moderate consumer spending growth, though higher inflation is bound to take a toll," BMO Capital Markets said in a note. "Inflation pressures are mounting due to the Iran conflict and could take a larger toll on overall spending."Applied Materials (AMAT) is scheduled to report its latest quarterly financial results after the closing bell Thursday.Gold was down 0.4% at $4,687.30 per troy ounce, while silver fell 4.5% to $85.33 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAPL$AMAT$BA$CSCO$NVDA$TSLA
Asia Markets

US Equity Futures Rise Pre-Bell After S&P 500, Nasdaq Set New Highs Amid US-China Meeting

US equity futures were rising pre-bell Thursday as technology stocks drove new record highs for the S&P 500 and the Nasdaq Composite while traders kept a close eye on the high-stakes meeting between US President Donald Trump and Chinese leader Xi Jinping.Dow Jones Industrial Average futures were 0.8% higher, S&P 500 futures were up 0.4%, and Nasdaq futures were 0.3% higher.On Wednesday, the S&P 500 advanced nearly 0.6% to close at 7,444.25, while the Nasdaq Composite rose 1.2% to end at 26,402.34, with both setting new closing records. Cisco Systems (CSCO) shares were up 15% after the company posted higher fiscal Q3 results and announced restructuring plans that included lay-offs of nearly 4,000 employees.At the start of a two-day summit, Xi told Trump that US-China trade talks were progressing positively, but warned that disagreement over Taiwan could lead to a dangerous situation and even cause conflict.Traders also mulled the latest round of earnings, with Brookfield (BN) reporting higher Q1 distributable earnings and revenue.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 0.7% at $104.90 per barrel and US West Texas Intermediate crude 0.7% lower at $100.33 per barrel.US retail sales rose by 0.5% in April, as expected in a survey compiled by Bloomberg as of 7:35 am ET and following the previous month's 1.6% gain.US import prices rose by 1.9% in April, above the 1% increase expected in a survey compiled by Bloomberg as of 7:35 am ET and faster than a 0.9% gain in March.US initial jobless claims rose to a level of 211,000 in the week ended May 9 from a downwardly revised 199,000 level in the previous week, compared with expectations for a smaller increase to 205,000 in survey of analysts compiled by Bloomberg.Federal Reserve Kansas City President Jeffrey Schmid, Cleveland President Beth Hammack, New York President John Williams, and Governor Michael Barr are slated to speak on Thursday.In other world markets, Japan's Nikkei closed 1% lower, Hong Kong's Hang Seng ended flat, and China's Shanghai Composite finished 1.5% lower. Meanwhile, the UK's FTSE 100 was up 0.4%, and Germany's DAX index was 1.3% higher in Europe's early afternoon session.In equities, Nvidia (NDA), Applied Materials (AMAT), and Marvell Technology (MRVL) joined Cisco in an upswing of technology stocks that lifted the market. Nvidia stock was up 2.1%, Applied Materials shares rose 1.9%, and Marvell stock was up 2.8%.On the losing side, Alibaba (BABA) and JD.com (JD) shares were down 3.1% and 1.7%, respectively, after a Reuters report said that they were among the roughly 10 Chinese companies that have secured US clearance to purchase Nvidia's H200 artificial intelligence chip, without a single delivery being made so far.

Dow JonesNasdaq CompositeS&P 500$AMAT$BABA$BN$CSCO$JD$MRVL$NVDA
Equity Futures Rise as Trump, Xi Kick Off High-Stakes Meeting
US Markets

Equity Futures Rise as Trump, Xi Kick Off High-Stakes Meeting

US equity markets were tracking in the green before the opening bell Thursday as President Donald Trump held talks with his Chinese counterpart, Xi Jinping, at a high-stakes meeting in Beijing.The S&P 500 and the Nasdaq rose 0.2% each in premarket activity, while the Dow Jones Industrial Average added 0.6%. The S&P 500 and Nasdaq reached fresh peaks at Wednesday's close, while the Dow finished lower.Trump and Xi have agreed to develop a "constructive China-US relationship of strategic stability," according to a readout of the summit by the Chinese foreign ministry. "This will provide strategic guidance for China-US relations over the next three years and beyond," the readout showed.The relationship between the two countries is going to be "better than ever before," Trump told Xi in his opening remarks, CNBC reported, citing official broadcast footage.The leaders of the two global economic heavyweights agreed that the crucial Strait of Hormuz should remain open to support global energy flows, multiple news outlets reported. During their talks, Xi showed interest in buying more US oil to reduce China's dependence on the Strait of Hormuz and other Middle East shipping routes, according to news reports.West Texas Intermediate crude oil was down 0.2% at $100.80 a barrel before the open, while Brent was slightly in the red at $105.61.On Wednesday, the International Energy Agency forecast a sharper decline in global oil demand this year than previously expected as the Middle East conflict drives up energy prices. Separately, the Organization of the Petroleum Exporting Countries reduced its global oil demand growth outlook for 2026, but upgraded its projection for next year.Also on Wednesday, official data showed that US producer prices rose at the fastest pace in four years in April as broad-based increases in services and goods signaled intensifying inflation pressures.Treasury yields were down in premarket action, with the two-year rate retreating 2.1 basis points to 3.97% and the 10-year rate off 2.2 basis point to 4.46%.Thursday's economic calendar has the weekly jobless claims bulletin at 8:30 am ET, along with the retail sales and import and export prices reports, both for April.Federal Reserve Governor Michael Barr is scheduled to speak at 7 pm. Kansas City Fed President Jeffrey Schmid, Cleveland Fed President Beth Hammack, and New York Fed President John Williams all speak earlier in the day.On Wednesday, Boston Fed President Susan Collins said she expected the central bank to maintain its current monetary policy stance, describing it as "slightly restrictive."The US Senate confirmed Kevin Warsh's nomination as Fed chair Wednesday. Warsh is Trump's pick for the job, with the term of current central bank chief Jerome Powell set to expire on Friday.Cisco Systems (CSCO) shares jumped 17% pre-bell Thursday. Late Wednesday, Cisco's fiscal third-quarter results exceeded Wall Street's estimates, while the networking equipment maker announced a restructuring plan that involves thousands of layoffs.Marvell Technology (MRVL) added 3.8% pre-bell after closing the previous session with an 8.2% gain.Nvidia (NVDA) was 1.8% higher in premarket activity after Reuters reported that the US has cleared around 10 Chinese firms to buy the technology giant's H200 artificial intelligence chip. However, not a single delivery has been made so far, according to the report.Applied Materials (AMAT) is scheduled to release its latest quarterly financial results after the markets close. Viking (VIK), Klarna (KLAR), Bullish (BLSH) and Yeti (YETI) report before the bell, among others.Gold edged down 0.1% to $4,703 per troy ounce, while bitcoin nudged up 0.1% to $79,599.

Dow JonesNasdaq CompositeS&P 500$AMAT$BLSH$CSCO$KLAR$MRVL$NVDA$VIK$YETI
Applied Materials Poised for Slight Quarterly Beat, Strong Outlook, RBC Says
US Markets

Applied Materials Poised for Slight Quarterly Beat, Strong Outlook, RBC Says

Applied Materials (AMAT) is expected to post fiscal second-quarter results slightly above Wall Street's estimates and provide an upbeat third-quarter outlook amid robust dynamic random-access memory and high-bandwidth memory spending trends, RBC Capital Markets said in a note e-mailed Tuesday.The brokerage projects the semiconductor equipment maker's second-quarter adjusted earnings at $2.64 a share on revenue of $7.65 billion, saying it expects a "slight" beat. Analysts polled by FactSet are looking for non-GAAP EPS of $2.68 and sales of $7.68 billion."DRAM spending trends remain strong on the back of extreme supply tightness and secular HBM demand," RBC analyst Srini Pajjuri said in a note to clients. "We expect the trend to continue through the year as clean room space availability improves and from new greenfield projects in 2027."RBC expects Applied Materials to issue third-quarter guidance 5% to 10% ahead of consensus estimates of $2.89 for adjusted EPS and $8.1 billion in revenue. The brokerage said this would be in line with peers Lam Research (LRCX) and Tokyo Electron and better than those of ASML (ASML) and KLA (KLAC)."(Applied Materials') management typically doesn't offer explicit (wafer fabrication equipment, or WFE) projections, but previously guided for 20% growth in its systems business in (2026), which we believe is tracking ahead," Pajjuri said.RBC raised its price target on the Applied Materials stock to $500 from $430 while reiterating its outperform rating.The company's shares were down 5.8% in Tuesday afternoon trade. The stock has jumped 63% so far this year.Transition to gate all around -- a next-generation transistor architecture for smaller chips -- has been a "key driver" from the company, while Taiwan Semiconductor Manufacturing's (TSM) adoption of back-side power is projected to be a tailwind in the second half of this year, RBC said."Looking ahead, we expect WFE to grow at a double-digit pace for the next (two to three) years driven by (generative artificial intelligence), extreme tightness in DRAM, and growing competition in advanced foundry," Pajjuri said.Applied Materials is scheduled to report its latest results Thursday.Price: $419.71, Change: $-23.91, Percent Change: -5.39%

$AMAT$ASML$KLAC$LRCX$TSM
Wire

Applied Materials to Benefit From AI, Memory Demand in Fiscal Q2, RBC Says

Applied Materials (AMAT) is expected to report stronger Q2 results and a better outlook amid improving demand in DRAM, HBM, advanced logic and AI-related chips, RBC Capital Markets said in a note Monday.RBC said it expects Applied Materials to slightly beat fiscal Q2 estimates, with modeled revenue of $7.7 billion and non-GAAP earnings of $2.64 per share. For Q3, RBC analysts said they expect management's outlook to come in 5% to 10% above consensus estimates of $8.1 billion in revenue and $2.89 per share in earnings.Applied Materials' systems business could grow by 25% or more this year, above the company's earlier view for growth of more than 20%, helped by DRAM, HBM and advanced foundry spending as DRAM demand remains strong and supply tight, RBC said.Internet of things, communications, automotive, power, and sensors could begin to recover as analog chip demand improves, while services are expected to grow in the low single digits from the prior quarter, according to the note.RBC kept its outperform rating and raised its price target to $500 from $430.Price: $418.23, Change: $-25.39, Percent Change: -5.72%

$AMAT
S&P 500, Nasdaq Reach New Peaks as Traders Track US-Iran Conflict
US Markets

S&P 500, Nasdaq Reach New Peaks as Traders Track US-Iran Conflict

The S&P 500 and the Nasdaq Composite hit fresh highs on Monday as traders continued to track developments in the Middle East that sent oil prices rising.The S&P 500 rose 0.2% to 7,412.8, while the Nasdaq added 0.1% to 26,274.1 -- both logging new closing highs. The Dow Jones Industrial Average climbed 0.2% to 49,704.5.Six of the 11 sectors ended in the green, led by energy, while communication services saw biggest drop.West Texas Intermediate crude was last up 3% to $98.25 a barrel, while Brent advanced 2.9% to $104.23.US President Donald Trump on Sunday rejected Iran's counteroffer to end the war, extending uncertainty around oil flows through the Strait of Hormuz.The US-Iran ceasefire is on "massive life support" and "unbelievably weak," news outlets reported Monday, citing Trump.Iran's proposal, delivered via mediator Pakistan, sought an immediate end to hostilities, the lifting of the US naval blockade of its ports and assurances against further aggression, BBC News reported, citing Iran's semi-official Tasnim news agency.Trump is scheduled to arrive in China Wednesday for a high-stakes state visit, with talks set to take place Thursday and Friday."The US will want China to use its influence with Tehran, especially because China is a major buyer of Iranian oil," Saxo Bank Chief Investment Strategist Charu Chanana said in a report Monday. "China, meanwhile, wants energy security and stable shipping lanes, but it is unlikely to appear as if it is acting under US instruction."US Treasury yields were higher, with the 10-year rate up 5.6 basis points at 4.42% and the two-year rate rising 6.7 basis points to 3.96%.Some 89% of S&P 500 companies have reported quarterly results in the latest cycle, with earnings up about 25% from a year earlier and revenue rising 10%, Oppenheimer Asset Management said in a note. Ahead of the earnings season, FactSet put expected earnings growth at 12.6% year over year."Notwithstanding the recent powerful rallies in stocks driven by earnings growth and better than expected US economic data over the past week, challenges remain to finding resolution to the conflict in the Middle East," Oppenheimer Asset Management Chief Investment Strategist John Stoltzfus said.Cisco Systems (CSCO) and Applied Materials (AMAT) are among the major names scheduled to report this week.Nvidia (NVDA) rose 2%, among the best performers on the Dow, while Qualcomm (QCOM) jumped 8.4%, among the biggest gainers on the S&P 500.Lumentum (LITE) shares surged nearly 17%, the top gainer on the S&P 500, after the company said it is set to join the Nasdaq-100 index, effective May 18.Trade Desk (TTD) shares slumped 6.8%, among the worst performers on the S&P 500, after HSBC downgraded the stock to reduce from hold while adjusting its price target to $20 from $31.Fox (FOX, FOXA) reported a surprise increase in quarterly earnings, while the media company's revenue topped estimates amid distribution growth. Fox's class A and B shares rose 7.6% and 8.1%, respectively.In economic news, US existing home sales increased less than projected in April, data from the National Association of Realtors showed."Despite mixed macroeconomic signals -- including a record-high stock market and historically low consumer confidence -- home sales were modestly boosted by the continued improvement in housing affordability," NAR Chief Economist Lawrence Yun said.Gold was last up 0.3% at $4,744.50 per troy ounce, while silver jumped 7.1% to $86.61 per ounce.

Dow JonesNasdaq CompositeS&P 500$AMAT$CSCO$FOX$FOXA$LITE$NVDA$QCOM$TTD
Equities Rise Intraday, Oil Jumps as Markets Montior Middle East Developments
US Markets

Equities Rise Intraday, Oil Jumps as Markets Montior Middle East Developments

US benchmark equity indexes were higher intraday as traders appeared to shake off worries about the Middle East conflict and higher oil prices.The S&P 500 was up 0.3% at 7,421.2 after midday Monday, while the Dow Jones Industrial Average and the Nasdaq Composite rose 0.2% each to 49,691.7 and 26,308.6, respectively. Among sectors, energy paced the gainers, while communication services saw biggest drop.West Texas Intermediate crude jumped 3.7% to $98.98 a barrel, while Brent advanced 3.5% to $104.87, as US President Donald Trump rejected Iran's counteroffer to end the war, extending uncertainty around oil flows through the Strait of Hormuz.The US-Iran ceasefire is on "massive life support" and "unbelievably weak," news outlets reported Monday, citing Trump. On Sunday, Trump described Iran's response to Washington's peace proposal as "totally unacceptable."Iran's proposal, delivered via mediator Pakistan, sought an immediate end to hostilities, the lifting of the US naval blockade of its ports and assurances against further aggression, BBC News reported, citing Iran's semi-official Tasnim news agency."While optimism for an imminent deal is fading, there remains a glimmer of hope that talks between Trump and Chinese President Xi (Jinping) later this week could yield positive results on Iran," ING Bank said in a note Monday.Trump is scheduled to arrive in China Wednesday for a high-stakes state visit, with talks set to take place Thursday and Friday.US Treasury yields were higher intraday Monday, with the 10-year rate up 4.7 basis points at 4.41% and the two-year rate rising 4.2 basis points to 3.94%.In company news, some big technology names were advancing, with Nvidia (NVDA) up 2.6%, the second-biggest gainer on the Dow. Micron (MU) and Qualcomm (QCOM) also saw sizable gains.Some 89% of S&P 500 companies have reported quarterly results in the latest cycle, with earnings up about 25% from a year earlier and revenue rising 10%, Oppenheimer Asset Management said in a note. Ahead of the earnings season, FactSet put expected earnings growth at 12.6% year over year.Cisco Systems (CSCO) and Applied Materials (AMAT) are among the major names scheduled to report this week.Lumentum (LITE) shares surged 17% intraday Monday, the top gainer on the S&P 500, after the company said it is set to join the Nasdaq-100 index, effective May 18.Trade Desk (TTD) shares were down 7.1%, the worst performer on the S&P 500, after HSBC downgraded the stock to reduce from hold while adjusting its price target to $20 from $31.In economic news, US existing home sales increased less than projected in April, data from the National Association of Realtors showed."Despite mixed macroeconomic signals -- including a record-high stock market and historically low consumer confidence -- home sales were modestly boosted by the continued improvement in housing affordability," NAR Chief Economist Lawrence Yun said.Gold was down 0.2% at $4,722.50 per troy ounce, while silver jumped 6.2% to $85.90 per ounce.

Dow JonesNasdaq CompositeS&P 500$AMAT$CSCO$LITE$MU$NVDA$QCOM$TTD
S&P 500 Companies' Quarterly Profit Growth Slows, But Remains Strong, Oppenheimer Says
US Markets

S&P 500 Companies' Quarterly Profit Growth Slows, But Remains Strong, Oppenheimer Says

S&P 500 companies' quarterly earnings growth slowed compared with figures from a week ago, but remained well ahead of Wall Street's expectations heading into the reporting season, Oppenheimer Asset Management said Monday.Some 89% of companies in the benchmark equity index have reported results in the latest cycle, with earnings up about 25% from a year earlier and revenue rising 10%.Last week's report by the brokerage showed profit and revenue growth at about 28% and 11%, respectively, based on financials reported by 63% of the index constituents.Ahead of the earnings season, FactSet put expected earnings growth at 12.6% from a year earlier, Oppenheimer Asset Management Chief Investment Strategist John Stoltzfus said.Among sectors, consumer discretionary and communication services outperformed in terms of earnings, with profits up by about 48% and 47% year over year, respectively. Technology led the chart for revenue growth, with a 23% increase, followed by communication services' 15% jump.Nine S&P 500 companies are scheduled to report results this week, Stoltzfus said. They include Cisco Systems (CSCO) and Applied Materials (AMAT).On Friday, the S&P 500 and the Nasdaq Composite reached new all-time highs, marking the sixth consecutive weekly advance for both indexes.US President Donald Trump on Sunday rejected an Iranian counterproposal to end the war, extending uncertainty around oil flows through the Strait of Hormuz."Notwithstanding the recent powerful rallies in stocks driven by earnings growth and better than expected US economic data over the past week, challenges remain to finding resolution to the conflict in the Middle East," Stoltzfus said. "That conflict, in our view remains as a potential negative overhang to market performance. In addition, the high price of oil and supply chain disruptions add to inflation risks near term."Price: $97.67, Change: $+1.10, Percent Change: +1.14%

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