Applied Materials Surrenders Some Early Gains After Q2 Beat

Applied Materials, Inc. AMAT shares are trading higher by 70 cents at $43.82 in Friday's session.

After the bell on Thursday, the company reported a Q2 EPS beat of 2 cents along with sales beat of $50 million. That represents its best quarter in its 50-year history.

After a higher open, Applied Materials continued in that direction before finally peaking at $45.25 and then reversed course. That high is just shy of its July 31 high of $45.48.

Profit-takers have now come into the stock and it continues to make lows for the session. As of 11:20 a.m. EST, the low for the day stands at $43.66. If that level is breached, there may be additional support at Thursday's low of $43.00.