Cadence Design Systems stock falls 5% on short-term outlook

Cadence Design Systems Inc. CDNS shares fell in the extended session Monday after the software company topped Street expectations for the past quarter but isn’t expected to for the current one. Cadence shares declined 5% after hours, following a less than 0.1% decline in the regular session to close at $212.98. The company reported first-quarter net income of $179 million, or 89 cents a share, compared with $235.3 million, or 85 cents a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were $1.29 a share, compared with $1.17 a share in the year-ago period….