Needham analyst James Ricchiuti downgraded Orbotech (ORBK) to Hold from Buy after the company agreed to be acquired by KLA-Tencor (KLAC) in a $3.4B cash and stock deal. The analyst believes that the probability of competing bids emerging is low, with both companies' boards having approved the transaction.

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Sees Q4 revenue $2.5B, +/- $125M, consensus $2.42B.

Reports Q3 revenue $2.36B, consensus $2.31B. "KLA's March quarter results were above our adjusted guidance as customer demand and company execution tracked consistent with our expectations," said Rick Wallace, president and CEO, KLA Corporation. "As we have highlighted over the past few quarters, market conditions have stabilized and we expect our business levels to improve as we progress through the year. We are encouraged by the improvement in our customers' businesses across multiple end markets and this improvement is translating into constructive discussions with our customers about future opportunities for leading edge capacity investments."