Now trading at $28.50
I can hear the shorts screaming!
NEW YORK, July 13 (Reuters) - Shares of Applied Materials Inc. slipped in pre-opening trade Monday after the semiconductor equipment maker warned its quarterly results would fall short of forecasts.
Applied Materials was down at 27-3/4 on the Instinet electronic trading system from a Friday closing price of 29-8/16.
The company said after markets closed Friday its third-quarter results would fall below expectations. Applied Materials blamed the shortfall on order delays, reduced spending by customers, weak personal computer sales and struggling Asian economies.
Novellus Systems Inc. <NVLS.O>, another chip equipment maker, eased to 34 from a 35-1/16 close.
Among other active issues, E*Trade Group Inc. <EGRP.O> rose to 28-1/2 from a close of 24-8/16. The company said Friday it would get a $400 million investment from Softbank Corp. <9984.T>, a Japanese software company.
E*Trade earlier traded at 27-1/4.
Chrysler Corp. <C.N> rose to 57 from a close of 56 after the auto maker reported second-quarter earnings of $1.51 per diluted share, beating Wall Street forecasts.
((--Ian Simpson, Wall Street desk, (212) 859-1879))
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Monday, 13 July 1998 05:25:13
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