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Technology Stocks : Cadence Design Systems
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To: GuitarMan who wrote (341)4/5/1999 8:33:00 PM
From: arnie h  Read Replies (1) of 668
 
Mark and Nevin: Thanks for the comments. Obviously, the restating of earnings, as worked out with the SEC and announced today, represents the kind of bad news that lowers stock prices, usually dramatically. The question of quality of earnings has surrounded CDN for some time and is no doubt responsible for some if not all of the selling the stock has endured. Yet, there were no downgrades today and 4 major houses reiterated buys recently in the face of what apparently others knew was coming. My guess is the bad news is out and the stock will hold from here.

The other matter that has surrounded this company for some time has to do with repricing options. The argument is made that companies that reprice options after the price has gone down want to keep their superior performers. To me, it's hard to make that case. I'm not sure somebody who requires 'flexible' options based on today's price is the kind that makes decisions that are good for the enterprise. That kind of a person usually does better in the world of politics where all decisions are made strictly for the individual making them. I would hope, Cadence can see it's way clear to end this insidious practice and wind up with management personnel more willing to accept the normal risks of business.

Regards,
Arnie H
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