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08.07.2019 14:55:13

Applied Materials, Lam Research stocks fall after D.A. Davidson downgrades

Shares of Applied Materials Inc. and Lam Research Inc. are falling in premarket trading Monday after D.A. Davidson analyst Thomas Diffely cut his ratings on both stocks to sell as part of a broader downgrade of the chip-equipment industry. " We are moving to a neutral stance on the semiconductor capital equipment group this morning as the stocks have appreciated significantly YTD while the all-important memory recovery continues to lag expectations and the near term data flow will likely remain negative," he wrote. "There is significant uncertainty in the timing and magnitude of the wafer fab equipment (WFE) recovery and we believe the equipment names will remain largely range-bound until some clarity returns." Diffely said that the sharp gains in semiconductor-equipment shares have "clearly" outpaced the fundamentals. Applied Materials shares have climbed 34% so far this year, while Lam Research shares have risen 35% and the S&P 500 has gained 19%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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