Don't hold your breath re. a reversal when this thing has a 14% short of the float. The HFT people are having a field day with this thing today, but don't try and get any info. from Cadence Investor Relations because they don't have a clue as to what's going on.
parisonr, you couldn't be more correct. CDNS is virtually always on the list of top 50 stocks short by volume.
However, try and get any information out of CDNS Investor Relations as to who is shorting this stock is an exercise in futility. It's interesting that a stock that has institutional ownership of greater than 100% (per Yahoo Finance) is on the monthly list of stocks most heavily shorted. The sad part is that you get the impression that their Investor Relations organization is either clueless or don't realize the damage shorts can do to the viability of a company.
I've got a Level II system and the bid has been showing $1.53 and the ask at $1.56 virtually all day. Having
said that, the market just closed and now there is no bid or ask shown, but there was zero volume all day long.
Some day I'd like to see the SEC get their head out of their gluteous maximus and check out trading on stocks such as CDNS. Has anyone ever wondered how a stock that is more than 90% owned by institutions has more than 80% of its stock trades go off in 100 share increments? How many institutions do you know of that trade in 100 share increments? Can you spell the HFT clowns? If you have the opportunity, check out a Level II system on CDNS trades and you'll see what I mean. These clowns have this stock bottled up like there's no tomorrow, especially when you consider they have almost 8% of the stock short!
The high frequency traders are having a field day today in this stock. It's amazing that a stock that is 93% owned by institutions has so many trades of 100 shares cross the tape. I have a level 2 system and it blows my mind the way these traders scramble the bid and ask on this stock. They pulled the same thing yesterday. It will be very interesting to see the earnings this PM and to figure out the correlation between these results and the HFT activity that has been going on for the last couple of days!