Applied Materials Orders Plunge (Update)

Updated from 4:36 p.m.

Survival mode continued in the chip-equipment sector, as industry bellwether Applied Materials(AMAT Quote) tamped down any dreams of an early turnaround with its downtrodden first-quarter results Tuesday.

The company said its backlog -- one indicator of future business -- was almost a billion dollars less than a year ago. At the end of the first quarter, Applied said, backlog stood at $3.16 billion, down from last year's $4.05 billion.

New orders, meanwhile, were even worse, falling 73% to $649 million from the $2.4 billion Applied had inked during the same period a year ago. ...