On July 29, KLA-Tencor fell 4.56% in regular trading, trading at $187.1/share, with turnover of $227 million. The decline came despite the company reporting record fourth fiscal quarter results the prior session.

KLA-Tencor posted Q4 revenue of $3.66 billion, a 15% year-over-year increase that exceeded the analyst consensus of $3.6 billion. Adjusted EPS came in at $1.05, beating the $1.00 estimate by 5%. Product revenue rose 15% to $2.84 billion while services revenue grew 17% to $817 million. First fiscal quarter guidance called for revenue of $3.8 billion to $4.2 billion with a midpoint of $4.0 billion, also above consensus.

Despite the beat-and-raise report, KLA-Tencor had accumulated a year-to-date gain exceeding 57% heading into earnings, placing market expectations at elevated levels. Investors used the positive results as an opportunity for profit-taking. UBS had previously lowered its price target on the stock to $240 from $255 while maintaining a Neutral rating, reflecting institutional caution on valuation.

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