Latest news for Cadence Design Sys (NASDAQ:CDNS) Stock

Cadence Design Sys

Cadence Design Systems is a provider of electronic design automation software, intellectual property, and system design and analysis products. EDA software automates the chip design process, enhancing design accuracy, productivity, and complexity in a full-flow end-to-end solution. Cadence offers a portfolio of design IP, as well as system design and analysis products, which enable system-level analysis and verification solutions. Cadence's comprehensive portfolio is benefiting from a mutual convergence of semiconductor companies moving up-stack toward systems-like companies, and systems companies moving down-stack toward in-house semiconductor design. The resulting expansion in EDA customers, alongside secular digitalization of various end markets, benefits EDA vendors like Cadence.

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Wall Street rallies on Fed&#39;s rate cut, S&amp;P 500 and Dow Jones hit record highs, boosted by strong labor market and anticipation of further easing.

S&amp;P 500, Dow Jones Hit Record Highs: Magnificent 7 Add $400 Billion After Fed&#39;s Historic Interest Rate Cut

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Micron Technology, Inc. (NASDAQ: MU) saw its stock take a significant hit on Tuesday, dropping 8% in a single trading session. This sharp decline wasn&#39;t an isolated incident but part of a broader market sell-off triggered by disappointing economic data.

Micron Stock Falls 8% on Macro Worries: How Should Investors Play?

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Taiwan Semi and chip industry leaders are fast-tracking silicon photonics for AI computing. Big tech giants support the development, debunking Trump&#39;s claims.

What&#39;s Going On With Taiwan Semiconductor Stock On Tuesday?

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Shares of software companies are trading higher amid overall market strength following Wednesday's Fed rate cut.

Bulls are stampeding across Wall Street on Thursday in the wake of the Federal Reserve&#8217;s decision to cut interest rates for the first time<a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40926026/federal-reserve-delivers-bold-0-5-rate-cut-signals-further-easing-ahead"> in over four years</a>.
The central bank&#8217;s bold move, a 50-basis-point cut, caught analysts off guard and sent the U.S. stock market to fresh record highs at the opening of Thursday&#8217;s session.
The S&amp;P 500 soared to a new all-time high, reaching 5,700 points. Similarly, the Dow Jones Industrial Average climbed to an unprecedented 42,000 points.
In the first 30 minutes of trading, the S&amp;P 500 and Dow Jones rose by 1.4% and 1%, respectively. The Nasdaq 100 climbed 1.5%, although the Russell 2000, representing small-cap stocks, outperformed with a surge of over 2%.
The market rally was primarily driven by the Magnificent Seven: Microsoft Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NYSE">MSFT</a>), Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>), Amazon Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), Meta Platforms Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) and Tesla, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>). Each of the Magnificent Seven are recording daily gains ranging from 1.5% to 4.5%, solidly in positive territory.
<h3 class="wp-block-heading">Chart: S&amp;P 500 Hits Record Highs</h3>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="447" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/19100943/image-155-1024x447.png" alt="" class="wp-image-556397" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/19100943/image-155-1024x447.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/19100943/image-155-300x131.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/19100943/image-155-768x336.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/19100943/image-155-1536x671.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/19100943/image-155.png 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Image: <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent091924&amp;t=be2bearmibe3na1">Benzinga Pro</a></figcaption></figure>
<h3 class="wp-block-heading">Strong Labor Market Eases Slowdown Fears, Analysts Boost Rate-Cut Wagers</h3>
Thursday&#8217;s economic data further boosted investor confidence. Weekly jobless claims came in well below expectations, suggesting a lower-than-expected trend of rising unemployment. 
Continuing jobless claims also dropped more than expected, hinting at a potential absorption of long-term unemployed individuals into the job market. 
This data alleviated concerns about rising unemployment and provided a more optimistic outlook for the economy.
Wall Street analysts quickly adjusted their expectations following the Federal Reserve&#8217;s rate cut. There is now growing anticipation of additional rate cuts, diverging from the cautious tone expressed in the Fed&#8217;s September &#8220;dot plot&#8221; and Chair Jerome Powell&#8216;s remarks during the press conference.
Notably, Goldman Sachs economist Jan Hatzius revised his forecast from expecting a 25-basis-point cut at every other meeting to predicting a rate cut at every meeting. He even left the door open for a back-to-back 50-basis-point reduction in November.
<h3 class="wp-block-heading">Thursday&#8217;s 5 Top-Performing S&amp;P 500 Stocks</h3>
Among the S&amp;P 500, the top five performers as of 10 a.m. ET were:
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Name</td>
<td>1-day Return</td>
</tr>
<tr>
<td>Darden Restaurants, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DRI#NASDAQ">DRI</a>) </td>
<td>7.46</td>
</tr>
<tr>
<td>Airbnb, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ABNB#NASDAQ">ABNB</a>)</td>
<td>5.27</td>
</tr>
<tr>
<td>Cadence Design Systems, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CDNS#NASDAQ">CDNS</a>)</td>
<td>4.40</td>
</tr>
<tr>
<td>Lam Research Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LCRX#NASDAQ">LCRX</a>)</td>
<td>4.34</td>
</tr>
<tr>
<td>NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>)</td>
<td>4.33</td>
</tr>
</tbody>
</table>
</figure>
<h3 class="wp-block-heading">Thursday&#8217;s 5 Top-Performing Dow Jones Industrial Average Stocks</h3>
Among the Dow Jone, the top five performers were:
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Name</td>
<td>1-day Return</td>
</tr>
<tr>
<td>Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>)</td>
<td>3.02</td>
</tr>
<tr>
<td>Salesforce, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NASDAQ">CRM</a>)</td>
<td>3.01</td>
</tr>
<tr>
<td>The Goldman Sachs Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>)</td>
<td>2.80</td>
</tr>
<tr>
<td>Caterpillar Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAT#NYSE">CAT</a>)</td>
<td>2.71</td>
</tr>
<tr>
<td>American Express Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AXP#NYSE">AXP</a>)</td>
<td>2.67</td>
</tr>
</tbody>
</table>
</figure>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40938732/wall-street-ramps-up-interest-rate-cut-bets-after-fed-meeting-the-hard-landing-crow">Wall Street Ramps Up Interest Rate Cut Bets After Fed Meeting: &#8216;The Hard-Landing Crowd Should Disperse,&#8217; Economist Says</a></li>
</ul>
Photo via Shutterstock.

S&P 500, Dow Jones Hit Record Highs: Magnificent 7 Add $400 Billion After Fed's Historic Interest Rate Cut

Investors with significant funds have taken a bearish position in Cadence Design Sys (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CDNS#NASDAQ">CDNS</a>), a development that retail traders should be aware of.
This was brought to our attention today through our monitoring of publicly accessible options data at Benzinga. The exact nature of these investors remains a mystery, but such a major move in CDNS usually indicates foreknowledge of upcoming events.
Today, Benzinga's options scanner identified 8 options transactions for Cadence Design Sys. This is an unusual occurrence. The sentiment among these large-scale traders is mixed, with 12% being bullish and 87% bearish. Of all the options we discovered, 7 are puts, valued at $238,769, and there was a single call, worth $206,137.
<h3>What's The Price Target?</h3>
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $265.0 and $295.0 for Cadence Design Sys, spanning the last three months.
<h3>Volume &amp; Open Interest Development</h3>
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Cadence Design Sys's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Cadence Design Sys's whale trades within a strike price range from $265.0 to $295.0 in the last 30 days. 
<h3>Cadence Design Sys Option Volume And Open Interest Over Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1726677230_0.png" alt="Options Call Chart" />
<h3>Significant Options Trades Detected:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th style="text-align: right;">Open Interest</th>
<th style="text-align: right;">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>CDNS</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>11/15/24</td>
<td>$8.8</td>
<td>$8.6</td>
<td>$8.67</td>
<td>$295.00</td>
<td>$206.1K</td>
<td style="text-align: right;">142</td>
<td style="text-align: right;">240</td>
</tr>
<tr>
<td>CDNS</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/17/25</td>
<td>$17.6</td>
<td>$17.1</td>
<td>$17.6</td>
<td>$265.00</td>
<td>$47.6K</td>
<td style="text-align: right;">118</td>
<td style="text-align: right;">57</td>
</tr>
<tr>
<td>CDNS</td>
<td>PUT</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>01/17/25</td>
<td>$18.7</td>
<td>$18.3</td>
<td>$18.6</td>
<td>$270.00</td>
<td>$37.2K</td>
<td style="text-align: right;">828</td>
<td style="text-align: right;">88</td>
</tr>
<tr>
<td>CDNS</td>
<td>PUT</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>01/17/25</td>
<td>$17.7</td>
<td>$17.3</td>
<td>$17.6</td>
<td>$265.00</td>
<td>$35.2K</td>
<td style="text-align: right;">118</td>
<td style="text-align: right;">251</td>
</tr>
<tr>
<td>CDNS</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/17/25</td>
<td>$17.6</td>
<td>$17.2</td>
<td>$17.6</td>
<td>$265.00</td>
<td>$35.2K</td>
<td style="text-align: right;">118</td>
<td style="text-align: right;">139</td>
</tr>
</tbody>
</table>

<h3>About Cadence Design Sys</h3>
Cadence Design Systems is a provider of electronic design automation software, intellectual property, and system design and analysis products. EDA software automates the chip design process, enhancing design accuracy, productivity, and complexity in a full-flow end-to-end solution. Cadence offers a portfolio of design IP, as well as system design and analysis products, which enable system-level analysis and verification solutions. Cadence's comprehensive portfolio is benefiting from a mutual convergence of semiconductor companies moving up-stack toward systems-like companies, and systems companies moving down-stack toward in-house semiconductor design. The resulting expansion in EDA customers, alongside secular digitalization of various end markets, benefits EDA vendors like Cadence.
<h3>Present Market Standing of Cadence Design Sys</h3>
<ul>
<li>With a volume of 399,449, the price of CDNS is down -0.51% at $273.39. </li>
<li>RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.</li>
<li>Next earnings are expected to be released in 33 days.</li>
</ul>
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Cadence Design Sys, <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> gives you real-time options trades alerts.

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Cadence Design Sys Options Trading: A Deep Dive into Market Sentiment

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Shares of companies within the broader technology sector are trading higher amid strength in the overall market, which may be gaining amid strength with NVIDIA and other chip stocks. At the ABC 2024 Presidential Debate, Vice President Harris said she wants to invest in American-based technology to win the race on AI and quantum computing.

Micron Technology, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mu#NASDAQ">MU</a>) saw its stock take a significant hit on Tuesday, dropping 8% in a single trading session. This sharp decline wasn&#39;t an isolated incident but part of a broader market sell-off triggered by disappointing economic data. The weaker-than-expected August 2024 manufacturing report from the Institute for Supply Management (&quot;ISM&quot;) sent shockwaves through the market, particularly affecting tech stocks.
The ISM&#39;s Manufacturing Purchasing Managers&#39; Index for August came in at 47.2, missing the expected 47.9 mark. While this was a slight improvement from July&#39;s 46.8, it still indicated a contraction in the manufacturing sector &mdash; a troubling sign for the U.S. economy. This marks the fifth consecutive month of contraction, and investors are rightly concerned about what this means for the broader economic outlook.
The weak manufacturing data triggered a sell-off across the stock market, with technology stocks bearing the brunt of the damage. Apart from Micron&#39;s 8% drop, other semiconductor giants weren&#39;t spared either. NVIDIA Corporation&nbsp;fell by 9.5%, and Advanced Micro Devices, Inc.&nbsp;saw a 7.8% decline. This kind of broad-based retreat highlights just how vulnerable the tech sector is to macroeconomic shifts.
Tech companies like Micron are highly sensitive to changes in global economic conditions. They rely heavily on complex supply chains and are affected by fluctuations in consumer and business spending. The recent downturn in Micron&#39;s stock might leave investors questioning their next move: should they hold, buy or sell?
<h3>YTD Price Return Performance</h3>
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/4b/76493.jpg?v=1181966645" style="height:305px; width:600px" />
Image Source: Zacks Investment Research
<h2>The Silver Lining: Micron&#39;s Long-Term Growth Prospects</h2>
Despite the immediate concerns surrounding the macroeconomic environment, it&#39;s important to take a step back and look at the bigger picture. Micron&#39;s long-term growth prospects remain solid. MU is a leader in memory and storage solutions, particularly in the DRAM and NAND markets. These components are critical for a wide array of applications, from smartphones and personal computers to data centers and the rapidly growing field of artificial intelligence.
AI is a game-changer for Micron. The increasing adoption of AI across various industries is expected to drive substantial demand for high-performance memory solutions. Micron is well-positioned to capitalize on this trend, especially with its strategic investments in next-generation DRAM and 3D NAND technologies. These advancements will not only bolster its competitive edge but also improve profitability over time.
Moreover, Micron is diversifying its market reach by expanding into high-growth sectors such as automotive, industrial IoT (the Internet of Things) and data center infrastructure. These markets present significant opportunities for the company to reduce its dependence on the cyclical consumer electronics market and generate more stable revenue streams.
<h2>Micron&#39;s Robust Portfolio Aids in Winning Deals</h2>
Micron&#39;s robust product portfolio is another critical factor that positions the company for long-term success. Its offerings, which include DRAM and NAND products for PCs, servers and smartphones, meet the diverse needs of the tech industry and help secure new deals.
For example, Micron&#39;s next-generation GDDR7 graphics memory is currently being tested by Advanced Micro Devices and Cadence Design Systems, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cdns#NASDAQ">CDNS</a>). AMD plans to leverage this memory to enhance the performance and realism of its games, while Cadence uses it for testing its GDDR7 PHY IP.
Micron&#39;s high-bandwidth memory (HBM3E) is also set to play a pivotal role in NVIDIA&#39;s latest AI chip, the H200, which is poised to replace the current H100 chip. Micron has already sold out its HBM chips for 2024, with a significant portion of its 2025 supply also spoken for. These strategic partnerships and innovations underscore Micron&#39;s critical role in the tech ecosystem.
<h2>Micron&#39;s Financial Recovery and Strong Outlook</h2>
Micron has made a strong recovery from the financial difficulties it faced in late 2022 and early 2023. This turnaround is evident in the company&#39;s recent financial results, where it has consistently outperformed earnings expectations. Its non-GAAP earnings surpassed the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 73.2%.
<div class="chart_embed">
<h3>Micron Technology, Inc. Price, Consensus and EPS Surprise</h3>
<img alt="Micron Technology, Inc. Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/f6/1725448202.png" style="height:305px; width:600px" title="" />
Micron Technology, Inc. price-consensus-eps-surprise-chart | Micron Technology, Inc. Quote
The outlook remains positive. The Zacks Consensus Estimate for Micron&#39;s top and bottom lines suggests continued growth momentum into fiscal 2025.
</div>
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/d8/76496.jpg?v=1575482709" style="height:305px; width:600px" />
Image Source: Zacks Investment Research
<h2>Conclusion: Hold MU Stock for Now</h2>
The macroeconomic headwinds reflected in the ISM data are concerning, but they don&#39;t overshadow Micron&#39;s strong fundamentals and growth potential. With its leadership in memory technology, strategic focus on high-growth areas like AI and promising financial outlook, Micron remains a stock worth holding through this period of volatility.
Micron currently carries a Zacks Rank #3 (Hold).
<a href="https://www.zacks.com/stock/news/2331183/micron-stock-falls-8-on-macro-worries-how-should-investors-play?cid=CS-BENZ-FT-analyst_blog|most_popular_stocks-2331183">To read this article on Zacks.com click here.</a>

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Shares of software companies are trading lower amid overall market weakness. Weakness may be due to August's ISM Manufacturing PMI data indicating an economic contraction.

Taiwan Semiconductor Manufacturing Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) and global chip designers&nbsp;and suppliers are accelerating the development of next-generation silicon photonic solutions over the next three to five years to address the massive energy and faster data transmission speeds needed by AI computing.
Building an ecosystem for the technology mandated participation from design software suppliers Synopsys, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNPS#NASDAQ">SNPS</a>) and Cadence Design Systems Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CDNS#NASDAQ">CDNS</a>) and chip developers Nvidia Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) and Advanced Micro Devices Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>), AI server makers Foxconn and Quanta Computer, K.C. Hsu, vice president of integrated interconnect and packaging at Taiwan Semiconductor <a target="_blank" href="https://asia.nikkei.com/Business/Technology/TSMC-aims-to-ready-next-gen-silicon-photonics-for-AI-in-5-years#:~:text=TAIPEI%20%2D%2D%20Taiwan%20Semiconductor%20Manufacturing,next%20three%20to%20five%20years." rel="noreferrer noopener">told</a> Nikkei Asia at a technology forum. Taiwan Semiconductor stock is trading lower on Tuesday premarket.
Hsu told Nikkei Asia that the silicon photonics market will grow at an annual compound rate of 40%, between 2023-28 to $500 million thanks to the demand for high data rate modules for increased fiber-optic network capacity, especially pluggable and co-packaged optics (CPO).
Rachid Taibi, general manager of the business unit at chip materials provider Soitec, told Nikkei that big tech giants, including Meta Platforms Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) and Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), are among those backing CPO technology development.
Taiwan&#8217;s Economy Minister, Kuo Jyh-huei, <a target="_blank" href="https://www.benzinga.com/news/24/09/40673345/trump-misunderstands-taiwans-role-in-chip-industry-says-economy-minister-the-president-has-a-lot-on" rel="noreferrer noopener">recently countered former</a> President Donald Trump&#8217;s claims that Taiwan had taken away American semiconductor jobs. He flagged Taiwan Semiconductor&#8217;s significant investments in U.S. facilities, including $65 billion for new plants in Arizona.
Taiwan Semiconductor stock gained 82% in the last 12 months. Investors can gain exposure to the stock through iShares Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NASDAQ">SOXX</a>) and First Trust NASDAQ Technology Dividend Index Fund (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TDIV#NASDAQ">TDIV</a>).
Price Action:&nbsp;TSM stock is down 1.77% at $168.66 premarket at the last check Tuesday.
Also Read:
<ul>
<li><a href="https://www.benzinga.com/news/24/08/40576490/taiwan-semiconductor-leads-foundry-market-samsung-and-intel-ramp-up-advanced-process-efforts-report" target="_blank" rel="noreferrer noopener">Taiwan Semiconductor Leads Foundry Market, Samsung and Intel Ramp Up Advanced Process Efforts: Report</a></li>
</ul>
Photo by Jack Hong via Shutterstock

What's Going On With Taiwan Semiconductor Stock On Tuesday?

Cadence Design Sys (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CDNS#NASDAQ">CDNS</a>) has outperformed the market over the past 20 years by 8.28% on an annualized basis producing an average annual return of 16.72%. Currently, Cadence Design Sys has a market capitalization of $74.98 billion. 
Buying $100 In CDNS: If an investor had bought $100 of CDNS stock 20 years ago, it would be worth $2,192.95 today based on a price of $273.82 for CDNS at the time of writing.
<h3>Cadence Design Sys's Performance Over Last 20 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1724445019_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

If You Invested $100 In This Stock 20 Years Ago, You Would Have $2,200 Today

On August 19, 2024, Lip-Bu Tan informed the Board of Intel Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTC#NASDAQ">INTC</a>) that he was resigning from the Board, effective <a target="_blank" href="https://www.intc.com/filings-reports/all-sec-filings" rel="noreferrer noopener">immediately</a>.
Tan attributed the departure as a personal decision based on a need to reprioritize various commitments.
Cadence Design Systems, Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CDNS#NASDAQ">CDNS</a>) former chief Tan&nbsp;became Intel&#8217;s board member in September 2022 and part of Intel&#8217;s mergers and acquisitions committee, Bloomberg <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-08-22/intel-director-lip-bu-tan-is-leaving-board-of-ailing-chipmaker?sref=TBDibEcD" rel="noreferrer noopener">reports</a>.
Intel reported a <a target="_blank" href="https://www.benzinga.com/news/earnings/24/08/40115276/intel-stock-falls-after-weak-q2-results-new-cost-reduction-plan-15-headcount-reduction" rel="noreferrer noopener">second-quarter topline decline</a> of 0.9% year-on-year to $12.83 billion, trailing the analyst consensus of $12.94 billion. The chip designer disclosed a $10 billion cost-reduction plan, including plans to slash headcount by over 15%.
Goldman Sachs analyst Toshiya Hari&nbsp;considered the cost reduction plan <a target="_blank" href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40168042/intels-10b-cost-cut-seen-as-necessary-but-not-enough-for-competitive-edge-analyst" rel="noreferrer noopener">insufficient for a turnaround</a>.
Intel <a target="_blank" href="https://www.benzinga.com/news/24/08/40347392/apple-intel-and-amd-lead-charge-in-ai-capable-pc-market-surge-report" rel="noreferrer noopener">aims to ship&nbsp;chips</a> for over 100 million artificial intelligence personal computers by 2025, including over 40 million in 2024.&nbsp;
Intel stock plunged 39% in the last 12 months and trades at a forward price-to-earnings multiple of 17.39x.
Price Action: INTC shares traded higher by 2.91% at $20.69 at the last check on Friday.
Photo via Shutterstock

INTC

Intel Board Member Lip-Bu Tan Resigns Amid Chipmaker's Struggle With Cost Cuts

Cadence Design Sys's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CDNS#NYSE">CDNS</a>) short percent of float has fallen 11.54% since its last report. The company recently reported that it has 2.81 million shares sold short, which is 1.15% of all regular shares that are available for trading. Based on its trading volume, it would take traders 1.0 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Cadence Design Sys Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1724183110_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Cadence Design Sys has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing Cadence Design Sys's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Cadence Design Sys's peer group average for short interest as a percentage of float is 2.70%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

Short Ideas

(CDNS) - Analyzing Cadence Design Sys's Short Interest

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Shares of companies in the software industry are trading higher amid overall tech sector momentum and in possibly sympathy with Cisco Systems which reported strong Q4 financial results.

Cadence Design Systems (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cdns#NASDAQ">CDNS</a>) has recently been on Zacks.com&#39;s list of the most searched stocks. Therefore, you might want to consider some of the key factors that could influence the stock&#39;s performance in the near future.
Shares of this maker of hardware and software products for validating chip designs have returned -14.5% over the past month versus the Zacks S&amp;P 500 composite&#39;s -4.5% change. The Zacks Computer - Software industry, to which Cadence belongs, has lost 11.6% over this period. Now the key question is: Where could the stock be headed in the near term?
While media releases or rumors about a substantial change in a company&#39;s business prospects usually make its stock &#39;trending&#39; and lead to an immediate price change, there are always some fundamental facts that eventually dominate the buy-and-hold decision-making.
<h2>Earnings Estimate Revisions</h2>
Rather than focusing on anything else, we at Zacks prioritize evaluating the change in a company&#39;s earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.
Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock&#39;s fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.
Cadence is expected to post earnings of $1.46 per share for the current quarter, representing a year-over-year change of +15.9%. Over the last 30 days, the Zacks Consensus Estimate has changed -13.6%.
For the current fiscal year, the consensus earnings estimate of $5.88 points to a change of +14.2% from the prior year. Over the last 30 days, this estimate has changed -0.7%.
For the next fiscal year, the consensus earnings estimate of $6.92 indicates a change of +17.6% from what Cadence is expected to report a year ago. Over the past month, the estimate has changed -0.9%.
Having a strong externally audited track record, our proprietary stock rating tool, the Zacks Rank, offers a more conclusive picture of a stock&#39;s price direction in the near term, since it effectively harnesses the power of earnings estimate revisions. Due to the size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, Cadence is rated Zacks Rank #3 (Hold).
The chart below shows the evolution of the company&#39;s forward 12-month consensus EPS estimate:
<h2>12 Month EPS</h2>
<h2>Projected Revenue Growth</h2>
Even though a company&#39;s earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It&#39;s almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company&#39;s potential revenue growth is crucial.
In the case of Cadence, the consensus sales estimate of $1.18 billion for the current quarter points to a year-over-year change of +15.7%. The $4.62 billion and $5.22 billion estimates for the current and next fiscal years indicate changes of +13% and +13%, respectively.
<h2>Last Reported Results and Surprise History</h2>
Cadence reported revenues of $1.06 billion in the last reported quarter, representing a year-over-year change of +8.6%. EPS of $1.28 for the same period compares with $1.22 a year ago.
Compared to the Zacks Consensus Estimate of $1.05 billion, the reported revenues represent a surprise of +1.17%. The EPS surprise was +4.07%.
The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates three times over this period.
<h2>Valuation</h2>
No investment decision can be efficient without considering a stock&#39;s valuation. Whether a stock&#39;s current price rightly reflects the intrinsic value of the underlying business and the company&#39;s growth prospects is an essential determinant of its future price performance.
Comparing the current value of a company&#39;s valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.
As part of the Zacks Style Scores system, the Zacks Value Style Score (which evaluates both traditional and unconventional valuation metrics) organizes stocks into five groups ranging from A to F (A is better than B; B is better than C; and so on), making it helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.
Cadence is graded F on this front, indicating that it is trading at a premium to its peers.
<h2>Conclusion</h2>
The facts discussed here and much other information on Zacks.com might help determine whether or not it&#39;s worthwhile paying attention to the market buzz about Cadence. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.
<a href="https://www.zacks.com/stock/news/2319855/here-is-what-to-know-beyond-why-cadence-design-systems-inc-cdns-is-a-trending-stock?cid=CS-BENZ-FT-tale_of_the_tape|most_searched_stocks_v1-2319855">To read this article on Zacks.com click here.</a>

Here is What to Know Beyond Why Cadence Design Systems, Inc. is a Trending Stock

Tech stocks experienced a significant rebound at the opening of Thursday's session, driven by a sharper-than-expected decline in weekly jobless claims, which eased fears of imminent recession-like <a href="https://www.benzinga.com/etfs/broad-u-s-equity-etfs/24/08/40251833/weekly-unemployment-claims-decline-more-than-expected-cool-recession-concerns-stocks-r">conditions in the U.S.</a>
The Nasdaq 100 index, tracked through the Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>), surged 2.4% by 10:30 a.m. in New York. This rally puts the index on track to end a five-session losing streak, the longest for the tech-heavy index since December 2022.
Within tech industries, chipmakers outperformed, with the VanEck Semiconductor ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMH#NYSE">SMH</a>) up 4.3%. 
Initial jobless claims fell to 233,000 for the week ending Aug. 3, a decrease of 17,000 from the previous high of 250,000, and below market expectations of 240,000. 
The four-week moving average, which smooths out week-to-week volatility in jobless claims, rose by 2,500 to 240,750, the highest in about a year. The outstanding claims increased by 6,000 to 1,875,000 for the week ending July 27, the highest since November 2021.
<h3 class="wp-block-heading">Analysts React To Unemployment Data</h3>
This unexpected drop in jobless claims provided a breath of fresh air for the market, propelling tech stocks upward and calming recession fears, at least for the moment.
"Some good news this morning with jobless claims coming in less than expected," said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance. It&#8217;s hard to believe a recession has already begun, and &#8220;the panic that started earlier in the month was overblown, he said. 
Ed Yardeni, president of Yardeni Research, echoed this sentiment, stating the decline in weekly jobless claims "should help to relieve fears that an employment-led recession is underway."
Traders adjusted their expectations for a 50-basis-point cut in September, with market-implied probabilities of such an outcome falling to 54%, down from 70% earlier this morning and nearly 100% following last Friday's weak labor market report. 
The policy-sensitive two-year Treasury yield rose by 9 basis points to 4.06%, after hitting a level as low as 3.65% on Monday.
<h3 class="wp-block-heading">Nasdaq 100 Movers On Thursday</h3>
Leading the gains among Nasdaq 100 constituents were:
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Name</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>ON Semiconductor Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ON#NASDAQ">ON</a>)</td>
<td>7.13%</td>
</tr>
<tr>
<td>Arm Holdings plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARM#NASDAQ">ARM</a>)</td>
<td>6.52</td>
</tr>
<tr>
<td>Datadog, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DDOG#NASDAQ">DDOG</a>) </td>
<td>6.08</td>
</tr>
<tr>
<td>Marvell Technology, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRVL#NASDAQ">MRVL</a>)</td>
<td>5.74</td>
</tr>
<tr>
<td>Cadence Design Systems, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CDNS#NASDAQ">CDNS</a>)</td>
<td>5.65</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Data as of Aug. 8, 2024 at 10:40 a.m. ET</figcaption></figure>
The major contributors to the broader tech index surge were: 
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Name</td>
<td>Weight</td>
<td>1-day %chg</td>
<td>Percentage-point (pp) contribution</td>
</tr>
<tr>
<td>NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>)</td>
<td>6.95%</td>
<td>3.23%</td>
<td>+0.22pp</td>
</tr>
<tr>
<td>Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>)</td>
<td>4.66</td>
<td>4.73</td>
<td>+ 0.22pp</td>
</tr>
<tr>
<td>Microsoft Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NYSE">MSFT</a>)</td>
<td>8.46</td>
<td>1.68</td>
<td>+0.14pp</td>
</tr>
<tr>
<td>Meta Platforms, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>)</td>
<td>4.87</td>
<td>2.84</td>
<td>+0.14pp</td>
</tr>
<tr>
<td>Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>)</td>
<td>9.19</td>
<td>1.22</td>
<td>+0.11pp</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Data as of Aug. 8, 2024 at 10:40 a.m. ET</figcaption></figure>
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/24/08/40238966/mortgage-rates-fall-to-15-month-lows-boost-homebuyer-demand-as-federal-reserve-hints-at-rate-cuts">Mortgage Rates Fall To 15-Month Lows, Boost Homebuyer Demand As Federal Reserve Hints At Rate Cuts</a></li>
</ul>
Photo via Shutterstock.

Mid Cap

Sector ETFs

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MCHP

MRVL

Tech Stocks Rally After 5-Day Slump As Recession Panic Eases: Nasdaq 100 Movers To Watch Thursday

Rosenblatt analyst Blair Abernethy maintains Cadence Design Sys (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CDNS#NASDAQ">CDNS</a>) with a Neutral and maintains $280 price target.

Price Target

Rosenblatt Maintains Neutral on Cadence Design Sys, Maintains $280 Price Target

Cadence Design Systems shares are trading higher after Piper Sandler upgraded the stock from Neutral to Overweight, saying the recent selloff presents an attractive entry point.

Piper Sandler analyst Clarke Jeffries upgrades Cadence Design Sys (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CDNS#NASDAQ">CDNS</a>) from Neutral to Overweight and maintains the price target from $318 to $318.

Upgrades

Piper Sandler Upgrades Cadence Design Sys to Overweight, Maintains Price Target to $318

Cadence Design Sys (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CDNS#NASDAQ">CDNS</a>) has outperformed the market over the past 5 years by 16.3% on an annualized basis producing an average annual return of 28.59%. Currently, Cadence Design Sys has a market capitalization of $67.62 billion. 
Buying $1000 In CDNS: If an investor had bought $1000 of CDNS stock 5 years ago, it would be worth $3,459.17 today based on a price of $246.95 for CDNS at the time of writing.
<h3>Cadence Design Sys's Performance Over Last 5 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1722877216_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

If You Invested $1000 In This Stock 5 Years Ago, You Would Have $3,500 Today

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Shares of stocks in the broader tech sector are trading lower as stocks sell off amid concerns over the US economy.

Whales with a lot of money to spend have taken a noticeably bearish stance on Cadence Design Sys.
Looking at options history for Cadence Design Sys (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CDNS#NASDAQ">CDNS</a>) we detected 8 trades.
If we consider the specifics of each trade, it is accurate to state that 12% of the investors opened trades with bullish expectations and 75% with bearish.
From the overall spotted trades, 5 are puts, for a total amount of $601,861 and 3, calls, for a total amount of $112,506.
<h3>Expected Price Movements</h3>
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $220.0 to $285.0 for Cadence Design Sys over the recent three months. 
<h3>Analyzing Volume &amp; Open Interest</h3>
Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.
This data can help you track the liquidity and interest for Cadence Design Sys's options for a given strike price.
Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Cadence Design Sys's whale activity within a strike price range from $220.0 to $285.0 in the last 30 days. 
<h3>Cadence Design Sys Call and Put Volume: 30-Day Overview</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1722628095_0.png" alt="Options Call Chart" />
<h3>Largest Options Trades Observed:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th style="text-align: right;">Open Interest</th>
<th style="text-align: right;">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>CDNS</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>08/16/24</td>
<td>$14.3</td>
<td>$12.8</td>
<td>$13.53</td>
<td>$260.00</td>
<td>$336.7K</td>
<td style="text-align: right;">849</td>
<td style="text-align: right;">500</td>
</tr>
<tr>
<td>CDNS</td>
<td>PUT</td>
<td>SWEEP</td>
<td>NEUTRAL</td>
<td>08/16/24</td>
<td>$4.5</td>
<td>$3.7</td>
<td>$3.78</td>
<td>$240.00</td>
<td>$99.6K</td>
<td style="text-align: right;">697</td>
<td style="text-align: right;">503</td>
</tr>
<tr>
<td>CDNS</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>08/16/24</td>
<td>$13.9</td>
<td>$12.1</td>
<td>$13.43</td>
<td>$260.00</td>
<td>$87.5K</td>
<td style="text-align: right;">849</td>
<td style="text-align: right;">20</td>
</tr>
<tr>
<td>CDNS</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>02/21/25</td>
<td>$16.3</td>
<td>$15.1</td>
<td>$15.1</td>
<td>$285.00</td>
<td>$45.3K</td>
<td style="text-align: right;">37</td>
<td style="text-align: right;">30</td>
</tr>
<tr>
<td>CDNS</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>09/20/24</td>
<td>$5.4</td>
<td>$5.0</td>
<td>$5.0</td>
<td>$220.00</td>
<td>$43.5K</td>
<td style="text-align: right;">17</td>
<td style="text-align: right;">159</td>
</tr>
</tbody>
</table>

<h3>About Cadence Design Sys</h3>
Cadence Design Systems is a provider of electronic design automation software, intellectual property, and system design and analysis products. EDA software automates the chip design process, enhancing design accuracy, productivity, and complexity in a full-flow end-to-end solution. Cadence offers a portfolio of design IP, as well as system design and analysis products, which enable system-level analysis and verification solutions. Cadence's comprehensive portfolio is benefiting from a mutual convergence of semiconductor companies moving up-stack toward systems-like companies, and systems companies moving down-stack toward in-house semiconductor design. The resulting expansion in EDA customers, alongside secular digitalization of various end markets, benefits EDA vendors like Cadence.
In light of the recent options history for Cadence Design Sys, it's now appropriate to focus on the company itself. We aim to explore its current performance.
<h3>Cadence Design Sys's Current Market Status</h3>
<ul>
<li>Currently trading with a volume of 3,661,498, the CDNS's price is down by -4.07%, now at $250.19. </li>
<li>RSI readings suggest the stock is currently may be oversold.</li>
<li>Anticipated earnings release is in 80 days.</li>
</ul>
<h3>Professional Analyst Ratings for Cadence Design Sys</h3>
In the last month, 3 experts released ratings on this stock with an average target price of $325.3333333333333.
<ul>
<li>An analyst from Needham downgraded its action to Buy with a price target of $320. </li>
<li>Consistent in their evaluation, an analyst from Baird keeps a Outperform rating on Cadence Design Sys with a target price of $338. </li>
<li>An analyst from Piper Sandler has decided to maintain their Neutral rating on Cadence Design Sys, which currently sits at a price target of $318. </li>
</ul>
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Cadence Design Sys options trades with real-time alerts from <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.

Unpacking the Latest Options Trading Trends in Cadence Design Sys

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Shares of companies in the broader software sector are trading lower amid an overall market selloff following weak US jobs data. Weakness in Amazon and Intel has also weighed on the tech sector.

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There are 27 pure-play stocks involved in the 6 segments of design, material supply, fabrication, testing, packaging, and distribution of semiconductors and their performances are presented in this article.

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