Seeking Alpha
Profile| Send Message|
( followers)  
Excerpt from our Wall Street Breakfast, a one-page summary of this morning's key market-moving and stock-moving stories:

KLA Sales Rise, Income on Hold [TheStreet.com]

Summary: KLA-Tencor said that its sales grew steadily amid increasing demand for its cutting-edge chips, although the company's earnings picture remains incomplete as it struggles to restate earnings in the wake of options backdating charges. The chip equipment company's sales increased $630 million from $483.9 million last year and it closed the quarter with $2.4 billion in cash and investments, although it cannot give a full earnings report until corrections are made in KLA's stock options information. The company received subpoenas from the Justice Department and will have to pay $400 million in charges for irregular dates on options. A few weeks ago, chairman and company founder Kenneth Levy resigned and KLA has cancelled all options of ex-CEO Kenneth Schroeder.
Potentially impacted stocks and ETFs: KLA Tencor (NASDAQ:KLAC), • Competitors: Applied Materials (NASDAQ:AMAT), Veeco Instruments (NASDAQ:VECO)

Seeking Alpha's Wall Street Breakfast summarizes today's key market- and stock-moving news. Receive it by email every weekday morning (free/no spam).

Seeking Alpha is not affiliated with TheStreet.com.

Source: KLA's Sales Rise, But Full Report Is Stalled

Check out Seeking Alpha’s new Earnings Center »