Applied Materials ( AMAT -13.76%), one of the world's biggest makers of manufacturing equipment for producing semiconductors, crashed 14% through 1:55 p.m. ET despite reporting strong earnings last night.

Analysts wonder if China’s recent “overspending” on chip equipment is coming to a halt — and if the company is losing market share to rivals.

Bloomberg journalists discuss today's biggest winners and losers in the stock market. Listen for analysis on the companies making news on Wall Street.