by Eric Savitz, Blogger and Columnist, Barron's, Tech Trader Daily
Cadence Design Systems stock has plummeted just a day after the company went public with some serious revenue recognition issues, and just a week after most of senior management was fired by the board. Among the analysts, the feedback ranges from “Cadence faces an uphill battle” to “[the management exodus was] deeper and potentially more disruptive than we expected.” Not to mention “we are cautious on the timing of a turnaround.”
by Eric Savitz, Blogger and Columnist, Barron's, Tech Trader Daily
Cadence Design Systems, while reviewing third-quarter results, found a $24 million error in first-quarter results that should have been recognized during the second quarter. The company will restate first- and second-quarter results, and will release third-quarter results as soon as practicable. Maybe those results will shed light on the recent firing of CEO Mike Fister and some of his management team.
by Eric Savitz, Blogger and Columnist, Barron's, Tech Trader Daily
Cadence Design Systems (CDNS) this morning announced the resignation of CEO Michael Fister “by mutual agreement” with the company’s board. Also headed for the exits: Kevin Bushby, EVP for worldwide field operations; James Miller, EVP for products and technologies organization; William Porter, chief administrative officer; and R.L. Smith McKeithen, EVP for corporate affairs.
by Eric Savitz, Blogger and Columnist, Barron's, Tech Trader Daily
Cadence Design Systems (CDNS) shares have fallen steeply in after hours trading after the company announced a change in the way it does business that resulted in much lower than expected guidance for both Q3 and all of 2008.
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