Applied Materials, Inc (NASDAQ:AMAT) shares surged by 3.04%, Alcoa Inc (NYSE:AA)

Posted by Nathan Alexander May 31, 2013 0 Comment 1274 views

Applied Materials, Inc (NASDAQ:AMAT): Thursday’s trading session saw Applied Materials, Inc (NASDAQ:AMAT) rising by 3.04%. The opening price of $14.85 climbed to an intraday high of $15.43 before settling down to close at $15.25 per share. More than 19.74 million shares exchanged hands in the last trading session. This number stood above the average volume of 13.29 million that was measured over a 30 days

Applied Materials, Inc (NASDAQ:AMAT) provides software, services and manufacturing equipment. These products and services are provided to the global flat panel display, semiconductor, solar photovoltaic and other related industries. Its customers include different solar PV cells and modules, semiconductor wafers and chips and other electronic devices. The customers generally use these products in end-products that they manufacture. In some cases, they might sell the products to other companies who use them in different advanced, electronic components. AMAT operates in the following segments: Display, Silicon Systems Group, Applied Global Services and Energy and Environmental Solutions. In Nov 2011, AMAT bought a company called Varian Semiconductor Associates, Inc.

Alcoa Inc (NYSE:AA): Thursday’s trading session saw Alcoa Inc (NYSE:AA) dropped 1.05%. The opening price of $8.52 climbed to an intraday high of $8.56 before settling down to close at $8.49 per share. More than 0.05 million shares were traded in the last trading session. This number stood below the average volume of 16.17 million that was measured over a 30 days.

AA stakeholders have been witness to a reduced enthusiasm from investors in the company. Its credit rating has been down-graded to one-notch under investment grade by prominent investing units and hedge funds. This has been attributed to dipping prices and tough market conditions. The low metal prices have burnt Alcoa Inc (NYSE:AA), principally its upstream business. In a statement, the largest aluminum producer in the United States said that this downgrade in rating is an indication of macroeconomic conditions and metal prices volatility. The company also said that it is not really reflective of either its financial or operating strength. Alcoa Inc (NYSE:AA) has upped its productivity, has been cutting costs, shutdown its smelting capacity that was a high-cost one and extended its profitable businesses.

About Nathan Alexander

Nathan Alexander holds bachelor’s degrees in Journalism and European Studies from Boston University. Nathan reports round up the day’s business and financial market news and include keynote interviews with major business players and updates on Asian, European and US stock markets. He has interviewed heads of leading European banking institutions such as European Central Bank President Jean-Claude Trichet and HSBC Chairman Stephen Green, and CEOs from the business world including Microsoft founder Bill Gates, Virgin Chairman Sir Richard Branson and former Porsche President and CEO Dr Wendelin Wiedeking.

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