Applied Materials shares decline as company names new CFO

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• Amid a broader market sell-off, Applied Materials (NASDAQ:AMAT) shares fell more than 4% on Monday as the chip equipment maker announced that Brice Hill would be its new finance chief.
• Hill, 55, comes to Applied Materials (AMAT) from Xilinx, where he served as CFO during that company's $50 billion acquisition by Advanced Micro Devices (NASDAQ:AMD). Prior to Xilinx, Hill was a finance leader of many of Intel's (NASDAQ:INTC) largest businesses and functions.
• Hill took over for Applied Materials (AMAT) interim CFO Bob Halliday, who is set to go back to a previous role as corporate vice president and advisor at the chip-equipment maker.
• “The semiconductor industry has never been more important to the global economy," Hill said in a statement announcing his new position, noting Applied Materials (AMAT) as a company "whose technologies bring performance and innovation to the world’s leading chipmakers."
• Applied Materials was mentioned as one of the companies that could benefit from a "re-shoring" of the semiconductor industry, according to Bank of America.

Comments

[HardCovenant]

AMAT are they receiving a Russia export control order?

[Packi]

Russia goes to war as rice sack falls over in China.

[Paul01x]

If the headline news was "Needles, California has announced that a new Dog Catcher has been selected", I think it's safe to assume that AMAT would still be down 4% today.

[max cric]

looks like all the market was affected by this appointment

[Xxfactor]

@max cric lol

[JohnP]

Misleading title implies causation rather than coincidence. Sounds like the new guy is a perfect fit: smart enough to leave Intel to join Xilinx where he obviously did well. Probably knows where the bodies are buried at Intel as well as Altera, and what mistakes to avoid as AMD and Xilinx combine, not to mention where the ucrative customers are at Xilinx, Altera, and Intel.

[SMF_USR]

This is negative? The company has such a low PE now it’s ridiculous. No matter the economy, semi demand will only increase. New fabs will have to keep opening just to keep up with demand thanks to Moore’s law.