Applied Materials, BHP Group, Allstate And More On CNBC's 'Final Trades'

On CNBC’s "Halftime Report Final Trades," Stephen Weiss of Short Hills Capital Partners named U.S. 2 Year Treasury Note, which is almost at a 5% yield.

Jim Lebenthal of Cerity Partners named Applied Materials, Inc. (NASDAQ: AMAT) as his final trade.

Due to insufficient government funding, Applied Materials may reconsider or abandon its plan to establish a $4 billion research and development (R&D) facility in Silicon Valley.

President Joe Biden signed a bill in late 2022 allocating $52.7 billion for domestic semiconductor research and manufacturing, but a recent appropriations bill redirected a chunk of the funds. This affected Bay Area companies not directly manufacturing semiconductors, the San Francisco Chronicle reported.

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Bryn Talkington of Requisite Capital Management said she is sticking with BHP Group Ltd (NYSE: BHP).

Last month, BHP Group reportedly cut about a quarter of its contractor workforce (around 100 people) at its West Musgrave project in Western Australia. This decision came amid considerations to freeze its nickel division due to falling prices and is part of BHP’s ongoing review of the mine’s development timeline and capital spending.

Joseph M. Terranova said Allstate Corp (NYSE: ALL) is the way to play gold and copper.

The Allstate is scheduled to host a conference call on Thursday, May 2, 2024, to discuss first quarter 2024 earnings.

Price Action:

• Applied Materials shares fell 0.6% to close at $209.25 on Wednesday.
• BHP Group shares fell 1.3% to settle at $59.68 on Wednesday.
• Allstate shares gained 0.8% to settle at $169.75 during Wednesday’s session.

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Image: Courtesy of Applied Materials