KLA-Tencor (KLAC),the No. 2 U.S. chip-equipment maker, was expected to report a profit of 78 cents a share on sales of $709 million for its fiscal third quarter.

And KLAC reported GAAP net income of $155 million and GAAP earnings per diluted share of $0.76 on revenue of $716 million in the third quarter, compared to GAAP net income of $97 million or $0.47 per diluted share on revenue of $520 million in the third quarter of fiscal 2006.

The stock has been trading very near its 52-week high of just over $56, but Wall St. seemed disappointed in what seemed like reasonable results. The shares dropped 3% after hours.

Some people just can’t be happy, no matter what.

Douglas A. McIntyre