PTC Stock Pulls Back After Soaring on Report of Possible Autodesk Bid

A report said Autodesk was exploring a possible takeover of software company PTC. (Courtesy of Autodesk)

PTC stock tumbled on Thursday after surging double digits in the previous session on a report that said Autodesk was weighing a bid for the software company.

Shares closed up 18% on Wednesday after Bloomberg reported Autodesk had engaged advisers to evaluate a cash-and-stock deal, citing people familiar with the matter.

But the stock fell in after-hours trading and extended its losses on Thursday, sliding 7.5% to $194.74, to snap a two-day winning streak. In midday trading, the stock was the worst performer in the S&P 500.

Shares of Autodesk fell 7.1% to $285.43.

Autodesk is known for its broader portfolio of design tools, but both companies offer computer-aided design software. A deal would consolidate share in the engineering software market.

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com