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 story : Lam Research, Applied Materials, KLA stocks drop after Micron says it will cut capital expenditures #FinanceUSA #StockMarketNEWS Shares of chip-equipment companies Lam Research Corp. , Applied Materials

@stockMarketNEWS Wed 10 Aug, 2022

Posted in: #FinanceUSA #StockMarketNEWS

Lam Research, Applied Materials, KLA stocks drop after Micron says it will cut capital expenditures #FinanceUSA #StockMarketNEWS
Shares of chip-equipment companies Lam Research Corp. , Applied Materials Inc. and KLA Corp. are falling in Tuesday morning trading after Micron Technology Inc. said it would cut capital expenditures for fiscal 2023 more than it had previously indicated. Lam shares are down 7.2%, while Applied Materials shares are off 6.5% and KLA shares are dropping 6.1%. Micron's announcement came as the company warned that it could fall at or below the low end of its prior revenue forecast for the August quarter given a "challenging" backdrop in the memory market. "The company now expect F2023 total capex to be down 'meaningfully' (no quantification)," wrote Wells Fargo analyst Joe Quatrochi, who covers semiconductor-equipment companies. "While not a significant surprise post recent other memory results / negative semi pre-announcements, we'd view this as a negative." Lam shares have gained 5.7% over the past three months, as Applied Materials shares have dropped 4.7% and as KLA shares have risen 14.2%. The S&P 500 is up 3.3% over that span.


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