Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of KLA-Tencor (NASDAQ:KLAC) are down today by about 8% after bottoming at a 10% loss in the morning. The market is not happy with the company's forward guidance, despite a decent earnings report for the fiscal third quarter.

So what: KLA's revenue of $729 million represented a 13% year-over-year decline, but still narrowly beat the $726.8 million consensus. Earnings per share of $1.01 were better, as that figure bested the $0.85 consensus by 19% on the upside. However, the company's upcoming quarter looks to be ugly -- KLA expects revenue in the $670 million to $730 million range, and EPS in the $0.66 to $0.86 range. Not only are these well below the current quarter's results, they also undershoot the Street's consensus figures of $763.2 million in revenue, and $0.97 in EPS.

Now what: This wasn't a pretty quarter, and guidance isn't pleasant, but KLA looks rather cheap at a 12.6 P/E with a 3% dividend yield after the drop. However, the guidance begs the question -- is this company simply becoming a value trap now? The stock has moved around a lot over the past year, but appears largely range-bound and, until today, KLA was near the top of its range. Without forward momentum, cheap won't matter. Investors need to see growth over the long term.

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Fool contributor Alex Planes holds no financial position in any company mentioned here. Add him on Google+ or follow him on Twitter @TMFBiggles for more insight into markets, history, and technology.

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