Stock Alert: Applied Materials Inc.

(RTTNews) - Applied Materials (AMAT) stock is currently trading at $51.79, up $1.91 or 3.83% on Tuesday morning. The company has a market cap of $47.61 billion. The stock has traded between $36.64 and $69.44 for the year-to-date period.

Santa Clara, California-based Applied Materials supplies equipment, services and software for the manufacture of semiconductor chips for electronics, flat panel displays for computers, smartphones and televisions, and solar products.

Applied Materials last month withdrew its business outlook for the second quarter due to impact of the coronavirus pandemic.

The company said that the supply chain and logistics activities supporting its industry are experiencing major disruptions due to various governmental orders in the US and other countries aimed at dealing with the COVID-19 crisis.

Last week, research firm Gartner lowered its worldwide semiconductor revenue forecast due to the impact of the coronavirus on semiconductor supply and demand. The research firm now expects a decline of 0.9% in 2020, down from the previous quarter's forecast of 12.5% growth.

"The wide spread of COVID-19 across the world and the resulting strong actions by governments to contain the spread will have a far more severe impact on demand than initially predicted," said Richard Gordon, research practice vice president at Gartner. "This year's forecast could have been worse, but growth in memory could prevent a steep decline."

Lockdowns enforced worldwide to curb the spread of coronavirus pandemic has severely impacted manufacturing of semi-conductor devices as well as slowed down consumer demand.