NEW YORK, Feb 10, 2026, 11:56 EST — Regular session
Lam Research (LRCX.O) shares slipped 2.6% to $223.23 in late morning action Tuesday, deepening the chip-equipment maker’s retreat from the previous close. The stock moved in a $220.40-to-$230.60 band, as semiconductor ETFs also ticked lower.
The drop comes while investors parse new sentiment signals tied to U.S. semiconductor equipment stocks—those names have been swinging hard as factory spending bets shift. When positions are packed in, even minor analyst tweaks or insider trades can sting a little more.
Lam director Eric Brandt offloaded 35,000 shares on Feb. 6, according to a Form 4 insider filing. The transactions were split between $220.95 and $230.00 per share. Following those trades, Brandt’s stake stood at 253,705 shares. 1
Bernstein bumped up its price target on Lam, raising it to $285 from $275, while sticking with its outperform call, MT Newswires reported. 2
Lam’s last quarter wrapped up with $5.34 billion in revenue and non-GAAP earnings of $1.27 per share, reported Jan. 28. Those non-GAAP numbers leave out items like one-offs. For the March period, the company guided to $5.7 billion in sales, give or take $300 million, and expects non-GAAP EPS at $1.35, plus or minus a dime. “Lam delivered another strong quarter to cap a record year,” CEO Tim Archer said at the time. 3
Insider sales are often set up in advance, so they’re not always a perfect read on how a company’s actually performing. Chip-tool stocks? They can flip direction quickly—sometimes all it takes is one surprising inflation reading, or maybe a customer saying something cautious. By lunchtime, that can drown out everything else.
Next up, traders will be eyeing Applied Materials (AMAT.O), with fiscal first-quarter numbers set for release on Feb. 12. The earnings call hits at 4:30 p.m. ET. Semiconductor equipment names tend to move together, as order books and China-related exposure get parsed by investors. 4
Macro factors are also in play. The Bureau of Labor Statistics has the U.S. Employment Situation report for January lined up for Feb. 11 at 8:30 a.m. ET, with the January CPI set to follow on Feb. 13, same time. 5
Lam’s in the spotlight as Applied Materials reports Thursday, with Friday’s CPI looming. Investors are watching to see if chip-gear valuations stay squeezed, or if there’s finally an opening for buyers to move in.
