Wide-Moat Applied Materials Appears Undervalued in Spite of Softer Near-Term Equipment Spending
Applied Materials reported fiscal fourth-quarter results that reflected a slowdown across the wafer fab equipment, or WFE, market. Forward guidance exhibited persisting softness, particularly in equipment demand from memory suppliers. We continue to expect modestly lower WFE spending in 2019, primarily due to weaker 3D NAND-related investments. Despite the near-term challenges, our positive thesis on the rise in capital intensity for semiconductor manufacturing is intact. Shares fell 7% during a...Applied Materials provides manufacturing equipment, services and software to the semiconductor, display and related industries. The company's segments are: Semiconductor Systems, which develops, manufactures and sells a range of manufacturing equipment used to fabricate semiconductor chips; Applied Global Services, which provides integrated solutions to support equipment and fab performance and productivity; and Display and Adjacent Markets, which is comprised of products for manufacturing liquid crystal displays, organic light-emitting diodes and other display technologies for TVs, monitors, laptops, personal computers, electronic tablets, smart phones, and other consumer-oriented devices.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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