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Cadence stock down

The software giant, on an acquisition spree of late, saw its stock lose 1-3/4 points after it reported weak earnings.

Shares of Cadence Design System (CDN), a software giant that's been on an acquisition spree, dipped after the company reported yesterday a weak fourth-quarter earnings performance.

Cadence's stock fell as low as 40-5/8 before finishing the day at 42--down 1-3/4 points from yesterday.

The company reported a fourth quarter net loss of $57.8 million, or 72 cents a share, for the quarter ending December 28, compared with net profits of $30.8 million, or 33 cents, a year ago. Cadence attributed the drop to snatching up High Level Design Systems.

The company, however, took a $100.5 million one-time charge for its High Level acquisition, which is designed to give Cadence a leg up in developing complex, densely packed semiconductors known as systems on-a-chip. Without the write-off, Cadence would have reported earnings of $41.1 million , or 44 cents a share.

That operating performance beat analysts' estimates of 41 cents a share, according to First Call.

Revenues climbed 29.6 percent to $212.3 million for the quarter, up from $163.7 million from a year ago.

Cadence also acquired Cooper & Chyan Technology, a printed circuit board and integrated circuits design tool maker, in a $420 million stock-swap deal last fall.