Applied Materials

(AMAT) - Get Report

was up 3.9% in preopen

Island

trading after it announced a $2 billion share buyback over the next three years to fund the company's stock-based employee benefit and incentive programs. An earlier buyback expired Thursday. Meanwhile,

Lehman Brothers

cut its 2001 earnings estimate for the chip equipment maker to $1.62 from $1.90 and lowered its 2002 outlook to $2.60 from $2.75.