Shares of Applied Materials (NASDAQ: AMAT), which manufactures machinery for the production of semiconductors, enjoyed a modest lift in its share price Friday morning -- but one that soon faded in light of the ongoing pessimism in the semiconductor industry, and a red Nasdaq this morning.

Applied Materials peaked with a 3.3% gain at 9:55 a.m. ET, but as of 11:15 a.m. it's given back most of those gains and is up only 1.2%.

This seems curious given how good the news from Applied Materials was last night. Reporting earnings for its fiscal fourth quarter of 2022, Applied said its adjusted quarterly earnings were $2.03 per share -- $0.30 ahead of Wall Street estimates -- while its sales of $6.75 billion topped expectations by $300 million.  

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Source Fool.com