RESOLVING THE LEDGER
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Applied Materials (NASDAQ: AMAT) rose about 15% on Thursday, July 30, without releasing any news of its own. Shares closed that day at $501.77 and edged higher again on Friday, leaving them more than 30% short of their 52-week high of $739.67. And the company's next chance to justify the move arrives on Thursday, Aug. 13, when it reports fiscal third-quarter results.
The catalyst was a peer, not Applied itself. Lam Research , which sells chip-manufacturing equipment into many of the same factories, reported record June-quarter revenue, operating margin, and earnings per share on Wednesday, and it guided for about $8.1 billion in September-quarter revenue.
Investors marked up equipment stocks across the board on Thursday, and Applied Materials, already up more than 200% from its 52-week low of $154.47, moved with them.
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