Applied Materials ( AMAT -13.76%), one of the world's biggest makers of manufacturing equipment for producing semiconductors, crashed 14% through 1:55 p.m. ET despite reporting strong earnings last night.

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Applied Materials, Inc. delivered record Q3 results, with strong revenue, EPS, margins, and robust cash flow, highlighting the current strength in the semiconductor cycle. Q4 guidance signals a potential slowdown: projected revenue and EPS are both down year-over-year, with Semiconductor Systems orders showing notable weakness.