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Shares of semiconductor and display equipment manufacturers all jumped in Wednesday trading amid positive industry chatter, and after ASML Holdings (ASML - Free Report) and Lam Research (LRCX - Free Report) both reported robust 2017 first quarter earnings.
Lam Research, a California-based company, posted earnings of $2.80 per share and revenues of $2.15 billion, topping the Zacks Consensus Estimates of $2.54 earnings per share and revenues of $2.13 billion.
ASML also beat the Zacks Consensus Estimates, posting earnings of 13 cents per share and sales of $138 million. Furthermore, Peter Wennink, the CEO of the Netherlands-based company, said, “A positive industry environment provided a strong start to 2017 and healthy demand is expected to continue throughout the rest of the year.”
While the semiconductor industry saw a small dip in industry performance this month, the demand for chips and display is still strong. The need is not only high in smartphones, but also in cars and home devices, with a significant investment in adapting the digital focus.
In a note, Morgan Stanley (MS - Free Report) analyst Joseph Moore wrote, “Business remains exceptional. We could see upward revisions to spending throughout the year, and we expect memory to remain strong.”
Backed up by solid Q1 2017 earnings, positive commentary rallied the industry. Shares of Applied Materials (AMAT - Free Report) , KLA-Tencor Corp. (KLAC - Free Report) , and Teradyne, Inc. (TER - Free Report) all surged after the report.
Lam Research soared 6.8% to $136.17 per share, Applied Materials and KLA-Tencor both grew about 3% to $39.25 and $97.59 per share, respectively, and Teradyne climbed 1.93% to $31.88 per share at the end of trading on Wednesday.
ASML was the only stock that experienced a drop, despite a healthy outlook for 2017. The decline could be from the company suggesting a decrease in gross margin due to shifts in product mixes.
ASML closed the day with a 2.85% drop to $126.93.
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Here's Why Chip Equipment Stocks Popped Today
Shares of semiconductor and display equipment manufacturers all jumped in Wednesday trading amid positive industry chatter, and after ASML Holdings (ASML - Free Report) and Lam Research (LRCX - Free Report) both reported robust 2017 first quarter earnings.
Lam Research, a California-based company, posted earnings of $2.80 per share and revenues of $2.15 billion, topping the Zacks Consensus Estimates of $2.54 earnings per share and revenues of $2.13 billion.
ASML also beat the Zacks Consensus Estimates, posting earnings of 13 cents per share and sales of $138 million. Furthermore, Peter Wennink, the CEO of the Netherlands-based company, said, “A positive industry environment provided a strong start to 2017 and healthy demand is expected to continue throughout the rest of the year.”
While the semiconductor industry saw a small dip in industry performance this month, the demand for chips and display is still strong. The need is not only high in smartphones, but also in cars and home devices, with a significant investment in adapting the digital focus.
In a note, Morgan Stanley (MS - Free Report) analyst Joseph Moore wrote, “Business remains exceptional. We could see upward revisions to spending throughout the year, and we expect memory to remain strong.”
Backed up by solid Q1 2017 earnings, positive commentary rallied the industry. Shares of Applied Materials (AMAT - Free Report) , KLA-Tencor Corp. (KLAC - Free Report) , and Teradyne, Inc. (TER - Free Report) all surged after the report.
Lam Research soared 6.8% to $136.17 per share, Applied Materials and KLA-Tencor both grew about 3% to $39.25 and $97.59 per share, respectively, and Teradyne climbed 1.93% to $31.88 per share at the end of trading on Wednesday.
ASML was the only stock that experienced a drop, despite a healthy outlook for 2017. The decline could be from the company suggesting a decrease in gross margin due to shifts in product mixes.
ASML closed the day with a 2.85% drop to $126.93.
5 Trades Could Profit "Big-League" from Trump Policies
If the stocks above spark your interest, wait until you look into companies primed to make substantial gains from Washington's changing course.
Today Zacks reveals 5 tickers that could benefit from new trends like streamlined drug approvals, tariffs, lower taxes, higher interest rates, and spending surges in defense and infrastructure. See these buy recommendations now >>