"Applied Materials Faces Probe, Stock Plunges"

Semiconductor equipment vendor Applied Materials beat analyst estimates for its fiscal fourth quarter and provided a positive outlook for the current period. However, the company's stock fell after reports emerged of a U.S. criminal investigation into its exports to China's top chipmaker, SMIC. Applied Materials is being probed for potentially evading export restrictions by sending equipment to SMIC without proper licenses. The U.S. has restricted shipments of advanced semiconductors and chipmaking gear to China for national security reasons.