Cadence Design Systems (CDNS) reported second quarter adjusted EPS of $0.27 after the close Monday, compared to $0.21 in the previous year. Analysts expected EPS of $0.24. Third quarter adjusted EPS is expected to be between $0.25 and $0.27. The company also increased its full year adjusted EPS forecast to between $1.00 and $1.06, from prior expectations of $0.96 to $1.06. The consensus estimates are for EPS of $0.26 and $1.02 respectively.
Cadence Design Systems gapped open higher Tuesday and climbed sharply during the first 2 hours of trade. Shares finished up by 1.82 at $20.79, with volume at a 3-month high. The stock broke out of a 2-month trading range and set a new high for the year.
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