SAN FRANCISCO Major EDA stocks traded on the Nasdaq market posted mixed results in light trading Wednesday (Dec. 28), as Cadence Design Systems Inc. and Mentor Graphics Corp. showed gains while Synopsys Inc. and Magma Design Automation Inc. slipped.
Shares of Cadence (San Jose, Calif.) climbed 1 cent to close at $17.29. Cadence traded as high as $17.40 earlier in the day, but tumbled back down late in the afternoon as the threat of rising oil prices quashed what appeared to be a Nasdaq rally. Cadence continued to slide in after-hours trading, slipping to $17.27 shortly after 4 P.M. Eastern time.
Meanwhile, continuing a recent run of strength, shares of Mentor (Wilsonville, Ore.) climbed 11 cents, or nearly 1.1 percent Wednesday, closing at $10.31, after trading as high as $10.45 earlier in the day. Mentor's share value has increased by more than 12 percent since closing at $9.20 on Dec. 8.
After trading as high as $20.67 earlier in the day, shares of Synopsys (Mountain View, Calif.) declined by 12 cents, or 0.6 percent, closing at $20.33.
Shares of Magma (Santa Clara, Calif.) reached as high as $8.51 Wednesday, but closed at $8.43, down 3 cents, or nearly 0.4 percent.
The Nasdaq composite index posted a 2-point gain Wednesday, closing at nearly 2,229. The market had been going stronger, but a possible rally was deflated when crude oil futures rose, reportedly because Iran's oil minister said OPEC should consider lowering oil output by 1 million barrels per day.