Stocks Moving Premarket: Tesla and IBM Slide, Lam Research Drops 8% and Lockheed Martin Climbs on a Higher Outlook
Futures fall as oil hits a five-month high and chip stocks slide; Tesla, IBM, Lam Research and Rollins drop after earnings while Lockheed Martin, Spotify and CSX rise. Plus the calendar & what to watch.
U.S. stock futures pointed lower Thursday, Oct. 22, as oil climbed to a five-month high and chip stocks came under renewed pressure. Tesla, IBM, Lam Research and Rollins are lower after earnings, while Lockheed Martin, Spotify and CSX are higher. Stocks trade normally today. All moves below are premarket and can change by the open.
Economic calendar: today and the coming week
We could not find a sourced read on the Fed's current stance or rate expectations this morning, so none is given here. The FOMC decision is due next Wednesday, and the 10-year Treasury yield was reported at 5.15% by Yahoo Finance and 5.07% by Investrade, so sources differ. Release times not confirmed by a source are marked.
| Day | Time | Event |
|---|---|---|
| Thu, Oct. 22 | 8:30 AM ET | Weekly jobless claims (est. 200K) and continuing claims (est. 1.72M) |
| Thu, Oct. 22 | 10:00 AM ET | Leading Index for September (est. -0.1%) |
| Thu, Oct. 22 | 11:00 AM ET | Kansas City Fed manufacturing index for October (prior 20) |
| Thu, Oct. 22 | After the close | Earnings: Newmont and Omnicom |
| Wed, Oct. 28 | 2:00 PM ET | FOMC rate decision (per MarketAlleys) |
| Thu, Oct. 29 | Not sourced | Personal income/PCE and Q3 GDP (BEA) |
Notable premarket moves
| Company | Ticker | Premarket | Why |
|---|---|---|---|
| Lam Research | LRCX | -8.4% | Record $8.22B revenue and a narrow EPS beat, but investors focused on AI and chip-sector worries |
| Rollins | ROL | -7.3% | Q3 revenue ($1.09B) and adjusted EPS ($0.34) missed estimates; operating margin down 140 basis points |
| IBM | IBM | -5.7% | EPS and revenue beat, but adjusted gross margin of 58.5% missed the 59.1% estimate; CEO said some customers question AI returns |
| Tesla | TSLA | -5.0% to $367.20 | EPS beat, but net income fell 29%, 2026 capex was cut and the long-term sales target was lowered. Some quote pages showed a gain, likely a timing difference |
| CoreWeave | CRWV | -4% | No specific reason given; trading with the AI complex (as reported by MoneyCheck) |
| Meta Platforms | META | -1% or more | Revenue and EPS beat, but 2026 capex outlook raised to $135 to $145B and a $9.89B legal charge |
| Spotify | SPOT | +3.8% | Q4 operating income guidance of €820M vs. €813.4M expected |
| Dow | DOW | +2.5% | Profit beat on higher polyethylene prices and cost cuts |
| Lockheed Martin | LMT | +2.5% | Raised 2026 sales outlook to $80B to $82B; record $292B backlog |
| CSX | CSX | +2.4% | Q3 adjusted EPS $0.57 vs. $0.53 expected; revenue $4.02B vs. $3.95B |
Valero posted record quarterly profit on refining margins, Texas Instruments guided Q4 above estimates and Southwest's Q4 EPS outlook came in below consensus, but we could not verify premarket percentage moves for those names. Leveraged ETFs and microcap stocks are excluded. Sources differ on exact quotes, which also change by the open.
Analyst calls
No notable analyst rating changes were verified from sources this morning. Earnings reactions are driving the tape.
Index futures
As of about 7:20 AM ET, S&P 500 futures were down 0.95%, Dow futures down 0.57%, Nasdaq 100 futures down 1.59% and Russell 2000 futures down 0.62%, as reported by Yahoo Finance. Crude oil (December) was up 2.16% near $99, with Brent reported near $111, on Middle East tensions. One source's Nasdaq futures level did not reconcile with Wednesday's close, so treat index levels with caution.
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