Applied Materials Tanks After Dropping $9.4B Tokyo Electron Bid

Shares of Applied Materials (AMAT) plunged on Monday, after the Department of Justice opposed its merger deal with Tokyo Electron (TOELY), making it TheStreet's Move of the Day. The semiconductor equipment manufacturer scrapped its $9.39 billion bid to acquire Tokyo Electron. The Department of Justice decided that the remedy proposal to replace competition lost from the merger of the two companies is not sufficient. The two companies first announced their all-stock deal in September of 2013. Shares of Applied Materials fell sharply on more than time 12 times its average trading volume. Applied Materials was the worst performing S&P 500 component on the day. TheStreet's Kurumi Fukushima reports in New York.