Cadence Design’s Soft Outlook

Plus, Nucor's lower selling prices.

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Today is Tuesday, April 23, 2024.

The Early Bird Index today is 67.07.

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Cadence Design’s Soft Outlook

Software company Cadence Design Systems (Nasdaq: CDNS) fell 5.80% in after-hours trading on Monday after posting mixed financial results.

Financials: Cadence Design reported earnings of $1.17 per share in the past quarter, which was better than expected. But revenue was only $1 billion, which was lower than expected.

Powering the Story: The company expects revenue in the current quarter to be in the range of $1.03 billion to $1.05 billion and earnings per share in the range of $1.20 to $1.24. This entire outlook was lower than expected.

Final Thoughts: Cadence Design, which produces software for chip companies, is up 8% this year. The company said it hit “record” bookings in the past quarter, but the outlook for the current quarter was soft.

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Notable Earnings Today: Tesla (Nasdaq: TSLA), General Motors (NYSE: GM), United Parcel Service (NYSE: UPS), Visa (NYSE: V), Philip Morris International (NYSE: PM), General Electric (NYSE: GE), Enphase Energy (Nasdaq: ENPH), PepsiCo (Nasdaq: PEP), Texas Instruments (Nasdaq: TXN), Xerox (Nasdaq: XRX), Sherwin-Williams (NYSE: SHW), Invesco (NYSE: IVZ), Lockheed Martin (NYSE: LMT), Danaher (NYSE: DHR), Steel Dynamics (Nasdaq: STLD), Quest Diagnostics (NYSE: DGX), Freeport-McMoRan (NYSE: FCX), Canadian National Railway (NYSE: CNI), Chubb (NYSE: CB), Spotify (NYSE: SPOT), Seagate Technology (Nasdaq: STX), RTX (NYSE: RTX), Baker Hughes (Nasdaq: BKR), JetBlue Airways (Nasdaq: JBLU), Halliburton (NYSE: HAL), Mattel (Nasdaq: MAT), Banc of California (NYSE: BANC), CoStar Group (Nasdaq: CGSP), East West Bancorp (Nasdaq: EWBC), EQT Corp. (NYSE: EQT), Equity Residential (NYSE: EQR), First Bancorp (NYSE: FBP), First Commonwealth (NYSE: FCF), Fiserv (NYSE: FI), GATX (NYSE: GATX), Hawaiian Holdings (Nasdaq: HA), Herc Holdings (NYSE: HRI), Kimberly-Clark (NYSE: KMB), Matador Resources (NYSE: MTDR), MSCI (NYSE: MSCI), NextEra Energy (NYSE: NEE), NextEra Energy Partners (NYSE: NEP), Old National Bancorp (Nasdaq: ONB), Pentair (NYSE: PNR), Polaris Industries (NYSE: PII), PulteGroup (NYSE: PHM), Range Resources (NYSE: RRC), Ryder System (NYSE: R), Stride (NYSE: LRN), Trustmark (Nasdaq: TRMK), Veritex Holdings (Nasdaq: VBTX), Vicor (Nasdaq: VICR), W.R. Berkley (NYSE: WRB), Webster Financial (NYSE: WBS), WesBanco (Nasdaq: WSBC), Zurn Elkay Water Solutions (NYSE: ZWS).

Notable IPOs Today: Neo-Concept International Group Holdings Limited Ordinary Shares (Nasdaq: NCI), Optimize Strategy Index ETF (Nasdaq: OPTZ).

Notable Equity Crowdfunding Campaigns Ending Today: Arrive (PicMii), Bakkal (Issuance Express), LoLo’s Boss Pizza (SMBX).

Notable Economic Events Today: S&P Global US Manufacturing PMI (9:45 a.m. ET), S&P Global Services PMI (9:45 a.m. ET), S&P Global Composite PMI (9:45 a.m. ET), New Home Sales (10:00 a.m. ET), API Weekly Crude Oil Stock (4:30 p.m. ET).

Nucor's Lower Selling Prices

Steel producer Nucor (NYSE: NU) declined by 6.08% in after-hours trading on Monday after reporting bad financial results.

Financials: Nucor reported earnings of $3.46 per share in the past quarter and revenue of $8.14 billion; both were lower than expected.

Final Thoughts: The company said its earnings in the steel products segment dropped due to lower average selling prices and decreased volumes.

Cleveland-Cliffs’ New Stock Buyback

Cleveland-Cliffs (NYSE: CLF), another steel manufacturer, also posted bad financial results on Monday and its stock price dropped by 2.78% in after-hours trading. 

Final Thoughts: The good news is that Cleveland-Cliffs also announced a new $1.5 billion stock buyback to help lift the stock price.

Checking Out of Locations: Kroger, Albertsons to Sell More Stores, Looking to Appease Regulators (Wall Street Journal)

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The contents of Early Bird are intended for informational and entertainment purposes only. They do not constitute trade or investment recommendations and they are not financial or legal advice. Readers are encouraged to consult licensed professionals for personalized guidance regarding their financial or legal situations.