NAME: Cognizant Technology Solutions
LOCATION: Teaneck, N.J.
2007 VARBusiness 500 RANK: 49
CEO: Francisco D'Souza
TICKER SYMBOL: CTSH
STOCK PRICE, JAN. 3, 2007: $77.76
STOCK PRICE, DEC. 14, 2007: $32.20
PCT. CHANGE: -58.59%
FINANCIALS: While the company reported third-quarter revenue and profit above expectations, its forecast for fourth-quarter growth forecast was not as optimistic as in the past. Cognizant's third-quarter net income increased to $96 million, or 32 cents a share, from $61 million, or 20 cents a share, in the same quarter a year earlier. But investors sold off during the fall, apparently spooked by a slowdown in fourth-quarter IT spending.