KLA-Tencor (KLAC) is set to open lower after issuing soft guidance to go with its FQ3 beat. On its earnings call, KLA guided for FQ4 revenue of $670M-$730M (-18% to -25% Y/Y) and EPS of $0.66-$0.86, below a consensus of $763.2M and $0.94. Bookings are expected to total $625M-$775M vs. $738M in FQ3, and Lam says its outlook for chip industry capex "has moderated somewhat" since the beginning of 2013 (no doubt thanks to Intel). Nonetheless, the revenue guidance could be a sign of share loss, particularly in light of Lam Research's more positive outlook. CLSA has "downgraded" KLA to Outperform from Buy.