Synopsys Stock Price Slides 5% Friday as Tech Rout Erases Elliott Boost
Synopsys shares fell 5.4% to $380.47 on Friday, underperforming Cadence as tech stocks slid in a broad Wall Street selloff. The drop erased gains from Elliott Investment Management’s recent stake, leaving Synopsys about 12% below Monday’s close. The Nasdaq lost 2.15% and the S&P 500 software index hit a five-month low. Investors cited rising oil prices and yields as ongoing risks for high-valuation software stocks.