Hey CITIGROUP!! Downgrade my Stock Further Please! (AMAT)
Just 2 trading days after Citigroup downgraded Applied Materials from Buy to Hold, Applied Material's stock price is up 3%... Well within an 18 handle!
This goes to show that analysts that prance around analyzing stocks aren't very smart to post their opinions just 2 trading days before the pre-announced Conference Call.
Turns out that the Semiconductor business is in the toilet for the forseeable future. But, Applied Materials is different than most other semiconductors in that it has a Television Display and Solar Energy business (among other unique products in it's portfolio). Applied Materials is learning how to deal and cope with a downturn in semiconductor sales by strengthening their product line and inventory in the other businesses it has.
Turns out... AMAT is expecting RECORD Revenue/Profits from it's display technology and it expects by the end of this year that it's SunFab line will be up and chugging along.
So... If my stock gets a 3% lift-off shortly after CITIGROUP downgrades the stock.... I have 1 thing to say...
CITIGROUP!! Downgrade the stock further!