Applied Materials (NASDAQ: AMAT) shares plunged on Friday, trading at $164.31 as of market open, a 12.71% drop from Thursday’s close of $188.24. AMAT 1-day stock price chart. Source: Google Finance Why AMAT stock is downThe company beat expectations in its fiscal third quarter, reporting revenue at $7.30 billion, up 8% year-over-year, and adjusted earnings at $2.48 per share, both above consensus. Gross margin reached 48.8%, with all three business segments topping forecasts.Still, the stock sank as managem ...