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BLOCKHAVEN

Morning Intelligence·Thursday, October 22, 2026

Lam Research is down 7.8% premarket after results show revenue growth accelerating to 54.4%

Revenue grew 54.4% year over year, accelerating from 30.0% in the prior quarter.

Data through
Market data as of
Published
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Blockhaven Research
In this edition
  1. Opening read
  2. Overnight tape
  3. Movers that matter
  4. Earnings radar
  5. What we're watching
  6. Blockhaven Macro
  7. Risk and opportunity
  8. Market context
  9. Data note
  10. Sources

Opening read

Lam Research shares are down 7.8% premarket after the company reported quarterly results after Wednesday's close.

Revenue grew 54.4% year over year, accelerating from 30.0% in the prior quarter. Operating income grew 79.5%, faster than revenue's 54.4%, so operating costs rose more slowly than sales. The release also mentions an outlook, but this edition could not establish whether it was raised, kept or lowered. It is the largest move on this morning's list. SPY is down 0.9% and QQQ down 1.6% at 8:15 AM ET. The index proxies are lower across the board: SPY down 0.9%, QQQ down 1.6%. The first test is whether Tesla stays below Wednesday's $386.47 close once regular trading begins.

Overnight / pre-market tape

At 8:15 AM ET, SPY is down 0.9% and QQQ is down 1.6% versus the prior close. The 10-year Treasury yield rose 1 bp to 5.13% on Wednesday, the VIX closed Wednesday at 16.7, and Bitcoin trades at $81,699 (−2.0% over 24 hours).

Movers that matter

  1. TSLA−3.7% downpremarket

    Earnings

    Tesla

    Tesla shares are down 3.7% premarket after the company reported quarterly results after Wednesday's close (8-K Item 2.02).[1][2]

    Revenue fell 0.2% year over year, after growth of 25.5% in the prior quarter.

  2. META−2.8% downpremarket

    Earnings

    Meta Platforms

    Meta Platforms shares are down 2.8% premarket after the company reported quarterly results after Wednesday's close (8-K Item 2.02).[1][2]

    Operating margin compressed 1997 basis points year over year to 20.1%.

  3. LRCX−7.8% downpremarket

    Earnings

    Lam Research

    Lam Research shares are down 7.8% premarket after the company reported quarterly results after Wednesday's close (8-K Item 2.02).[1][2]

  4. IBM−6.5% downpremarket

    Earnings

    IBM

    IBM shares are down 6.5% premarket after the company reported quarterly results after Wednesday's close (8-K Item 2.02).[1][2]

    Revenue grew 4.7% year over year, accelerating from 1.1% in the prior quarter.

  5. ORCL−2.8% downpremarket

    No verified catalyst

    Oracle

    Oracle shares are down 2.8% premarket. No verified catalyst identified.[1]

    Oracle is among the largest U.S. stocks by market value, so a move this size can shift the index proxies.

  6. LMT+3.8% uppremarket

    Earnings

    Lockheed Martin

    Lockheed Martin shares are up 3.8% premarket after the company reported quarterly results before the open (8-K Item 2.02).[1][2]

Earnings radar

Overnight results

  • Meta Platforms (META) reported after Wednesday's close. Revenue of $64.6 billion, per the company's release. The release also includes an outlook.[2]After the close
  • Tesla (TSLA) filed its quarterly results after Wednesday's close (8-K Item 2.02). The release also includes an outlook.[2]After the close
  • IBM (IBM) filed its quarterly results after Wednesday's close (8-K Item 2.02). The release also includes an outlook.[2]After the close
  • Lockheed Martin (LMT) reported before the open. Revenue of $20.7 billion, per the company's release. The release also includes an outlook.[2]Before the open
  • Procter & Gamble (PG) reported before the open. Revenue of $23.3 billion, per the company's release. The release also includes an outlook.[2]Before the open

Coming today

  • Valero Energy (VLO) is listed to report before the open.[3]Before the open
  • Comcast (CMCSA) is listed to report before the open.[3]Before the open
  • Honeywell (HON) is listed to report before the open.[3]Before the open
  • Union Pacific (UNP) is listed to report before the open.[3]Before the open
  • Western Digital (WDC) is listed to report after the close.[3]After the close

Report timing comes from Nasdaq's public earnings calendar and is not company-confirmed; results are cited only when they appear in a company filing.

What we're watching at the open

  1. 1

    Whether Tesla stays below Wednesday's $386.47 close

    Down 3.7% at 8:15 AM ET on 1,839,706 shares, after its filing.

  2. 2

    Whether QQQ stays behind SPY after the open

    QQQ is 0.6 points behind SPY at 8:15 AM ET. If the gap holds into midday, the move is in technology and growth names rather than the whole market.

  3. 3

    Whether Meta Platforms stays below Wednesday's $697.52 close

    Down 2.8% at 8:15 AM ET on 1,328,381 shares, after its filing.

  4. 4

    Whether SPY holds below Wednesday's $773.09 close

    SPY is down 0.9% at 8:15 AM ET. Holding below the prior close through the session would confirm the premarket direction.

Blockhaven Macro

Regime read: Transition

Blockhaven's read, computed Tuesday, Oct 20, 8:20 PM ET, is Transition. Risk Appetite 52 (inside its neutral band, up 2 over 5 snapshots); Liquidity 30 (below its neutral band, up 2 over 5 snapshots); Crypto 49 (inside its neutral band, up 4 over 5 snapshots). Its Market Stress and Vol Event Risk engines are elevated. It is one daily snapshot behind and does not reflect Wednesday's session.

Little has moved: Risk Appetite and Liquidity have each changed by less than 3 points over 5 snapshots, so the read stays neutral on risk with Liquidity still below its band. The regime read, Risk Appetite, Crypto and the three engines (Market Stress, Upside Expansion and Vol Event Risk) are only partly verified against public data, so treat them as provisional.

Macro read computed .

Risk and opportunity

Opportunity

BTC trend

Blockhaven's Macro read names BTC trend as its main opportunity. Bitcoin is down 2.0% over 24 hours, at $81,699. The read was computed before the latest session.

Market context

Each figure carries its own date and time, and they were not observed simultaneously. Treasury yields are prior-day closes and Bitcoin is a rolling 24-hour reading.

Market figures, each with its own date
FigureReadingDated
SPY, pre-market[1]$765.96, −0.9%
QQQ, pre-market[1]$713.86, −1.6%
10-year Treasury yield[4]5.13%, +1 bp
VIX[5]16.7
Bitcoin[6]$81,699, −2.0%

Data note

Data through 8:15 AM ET. Nasdaq public market data for quotes and SEC EDGAR for company filings. Blockhaven's Macro read was computed Tuesday, Oct 20, 8:20 PM ET.

This edition was compiled and published automatically from public sources under Blockhaven's standing editorial policy. An editor did not review it individually before release.

Condition scores, not probabilities. Thresholds are currently uncalibrated. Historical validation and calibration are in progress, and no hit rates or return claims are published. Macro methodology

Source checks completed .

Sources

  1. 1.

    Nasdaq

    Nasdaq market activity(opens in a new tab)

    Accessed October 22, 2026

  2. 2.

    U.S. Securities and Exchange Commission

    SEC EDGAR company filings(opens in a new tab)

    Accessed October 22, 2026

  3. 3.

    Nasdaq

    Nasdaq earnings calendar(opens in a new tab)

    Accessed October 22, 2026

  4. 4.

    U.S. Department of the Treasury

    Daily Treasury interest rate statistics(opens in a new tab)

    Accessed October 22, 2026

  5. 5.

    Cboe Global Markets

    Cboe market data(opens in a new tab)

    Accessed October 22, 2026

  6. 6.

    Coinbase

    Coinbase markets(opens in a new tab)

    Accessed October 22, 2026

  7. 7.

    Blockhaven

    Blockhaven Macro snapshot (public projection)

    Accessed October 22, 2026 · Snapshot dated 2026-10-20, methodology 2026.07.23-netliq-weekly.

Corrections and updates

No corrections or updates have been made to this piece.

Blockhaven research is published for information and education. It is not personalized investment advice.