Leading semiconductor equipment company Applied Materials (Nasdaq:AMAT) posted stronger than expected revenue and raised guidance for fiscal 2012. So, it's off to the races, right? Not exactly. While conditions do seem to be getting better in the equipment world, analysts remain very skeptical about the persistence of this recovery and expectations for the company are all over the map. Although its valuation looks too low for the full cycle, the short-term world of Wall Street couldn't care less about more than one quarter.
Less Bad Is Better
Applied Materials didn't have a strong quarter, but it was less rotten than many analysts feared. Revenue fell 19% from last year and was up very slightly on a sequential basis as reported. Stripping out the Varian acquisition, sales would have been down about 9% sequentially.
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