Applied Materials Receives DOJ Subpoena: What To Know
Portfolio Pulse from Erica Kollmann
Applied Materials, Inc. (NASDAQ:AMAT) has received a DOJ subpoena related to federal award applications under the U.S. Chips and Science Act. The denial of their application impacts plans for a $4 billion research site. AMAT shares have dropped over 6% in the past five days.
August 26, 2024 | 7:26 pm
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Applied Materials received a DOJ subpoena related to federal award applications, affecting plans for a $4 billion research site. The stock has dropped over 6% recently, trading below its 50-day moving average.
The DOJ subpoena and denial of federal award applications are significant setbacks for Applied Materials, impacting their strategic plans and causing a notable drop in stock price. The legal scrutiny adds uncertainty, likely leading to short-term negative sentiment.
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