Why Lam dropped

I had predicted that Lam will drop today after their report due to the environment that we
are in right now. I was partially correct in my report however, Lam still ended up going
up which I had predicted the opposite. The management team noted the results were
strong despite the recently announced China export controls, which will impact the
company's December quarter. The analyst also noted that Lam Research expects wafer
fab equipment to decline 20% year-over-year, making the results all the more
impressive, given the headwinds it is facing. I had predicted all of these however,
something that I didn't take into account was whether them beating the estimates in this
type of environment would create the same reaction than if they did last year. I
mentioned how I’m expecting them to beat the estimates as this has been the case for
the past three years however, I forgot to take into account how much more impressive it
would be for them to do it this time around. Next time I will be sure to also look at the
context that they are trying to beat the estimates in and not their past history