You just gotta love Wall Street. Leading semiconductor equipment maker Applied Materials (NASDAQ:AMAT) had a respectable quarter. But since management guided for 5% to 10% order growth next quarter instead of 10% to 15%, the stock has been down as much as 5% today. A 5% move because of a 5% deviation in one quarter's order book -- how can you not love that?

Sometimes I wonder how much the financials really matter here. I mean, Applied Materials often seems more like a vehicle for investors to vote "yay" or "nay" on the semiconductor sector as opposed to a real company. But assuming that there are a few folks out there who think of it as a company, let's look at the quarter briefly.

Revenue was up 21% from last year and a like amount on a sequential basis. Margins improved a bit (though perhaps not as much as some would have liked), and net income was up a healthy 35% from last year. New order growth was also solid this quarter, likely on the back of demand from memory chip producers, and the backlog grew.

Certain concerns with Applied Materials seem almost ever-present. Is Intel (NASDAQ:INTC) pointing the way toward problems in computers (and thus lower chip sales for many companies), or simply losing to AMD (NYSE:AMD)? Have chip companies put too much product in the hands of suppliers? Is the semiconductor cycle about to swing down again?

I really have no idea, and I'm suspicious of anybody who says they do. After all, each semiconductor cycle has its own little quirks. And though Applied Materials seems to be losing a little ground in some areas to rivals like Varian (NASDAQ:VARI) and LAM Research (NASDAQ:LRCX), I don't think I'd order up the hearse just yet.

In fact, the company continues to look for new avenues for growth. The recent purchase of Applied Films is a relatively fair price to pay to access some new markets where Applied Materials doesn't have such a solid footing -- and it may also be something of an affirmation for the future of solar power.

I'm more a fan of ASML (NASDAQ:ASML) than Applied Materials, but I still wouldn't rule out another swing up in the next year or so. Then again, take a look at a long-term chart of this stock and ask yourself if you really want to buy something that Wall Street often treats like a Superball.

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Fool contributor Stephen Simpson has no financial interest in any stocks mentioned (that means he's neither long nor short the shares).