Chip equipment maker
was up 1.2% in preopen
After the close Tuesday, the company posted first-quarter earnings of 66 cents per share excluding items, beating the lowered
First Call/Thomson Financial
estimate of 62 cents and up from 39 cents a year earlier.
Applied Materials warned that second-quarter earnings would be 32 cents to 37 cents per share, well below the Street's estimate of 49 cents.
cut its 2001 and 2002 earnings estimates.
sliced its 2001 forecast and cut its 12-month price target to $65 from $90.