On August 4, Applied Materials rose 4.76% in regular trading, trading at $537.89/share, with turnover of $315 million.

On the news front, Citi published a research report adding Applied Materials to its positive catalyst watch list, urging investors to buy the stock following a sharp sell-off across the semiconductor sector. Citi expects that Applied Materials' fiscal third-quarter earnings guidance, to be released on August 13, will come in above market consensus, with the bank's revenue and EPS forecasts running 3% and 2% above the Street, respectively. Previously, HSBC, Citi, and UBS had raised their target prices to a range of $683 to $705, implying substantial upside from current levels.

The broader semiconductor equipment sector rallied in tandem, with Lam Research up 4.88%, Teradyne up 6.14%, and KLA Corporation up 3.49%.

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