Applied Materials Stock Is Tumbling. The Entire Chip Sector Is Sliding Too.

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Chip stocks such as Applied Materials and Nvidia were falling Tuesday as rising Treasury yields pressured fast-growing tech shares. 

In addition, New Street Research downgraded Applied Materials (ticker: AMAT) to Neutral from Buy with a $140 price target. The stock was down 4.53% in trading Tuesday to $136.28. The average target price of analysts surveyed by FactSet is $164.15.


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