Cowen said the year to date weakness in Applied Materials (AMAT) and Lam Research (LRCX) is a buying opportunity. The firm sees the selloff coming from overall capital expenditure concerns, but they are raising their estimates as their see an upward bias to Q2 shipments due to 3D NAND. Cowen reiterated Outperform ratings on both Applied Materials and Lam Research shares.

Notable companies reporting after the market close, with earnings consensus, include Meta Plataforms (META), consensus $4.32... IBM (IBM), consensus $1.60... ServiceNow (NOW), consensus $3.14... Lam Research (LRCX), consensus $7.30... Chipotle Mexican Grill (CMG), consensus $11.68... O'Reilly Automotive (ORLY), consensus $9.26... Ford Motor (F), consensus 42c... United Rentals (URI), consensus $8.32... Align Technology (ALGN), consensus $1.97... Molina Healthcare (MOH), consensus $5.59... Teradyne (TER), consensus 33c... Universa Health Services (UHS), consensus $3.16... Western Union (WU), consensus 41c.