TMTB: CDNS SAP CALX First Takes; EOD Wrap

CDNS -9% as June guide and flat backlog disappoints.

Miss likely timing issue on shipments of their sim software given they re-affirmed FY guide, but investors showing they have continued little patience following TSM/ASML last week.

June Revenue: $ 1.03bn - $1.05B vs. street $1.11B
June OPM 38.5%-39.5% Street 42.3%
June EPS $1.20-$1.24 vs. Street $1.43

2024…