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The Best And Worst Channel Company Stocks In The Third Quarter Of 2019

Sixteen of the 27 publicly held channel companies on our watch list saw the price of their stock price increase in the third quarter of 2019 – many by double-digit amounts. Take a look at whose shares recorded the biggest gains and losses.

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Cognizant Technology Solutions

CEO: Brian Humphries

June 28, 2019 Close: $63.39

Sept. 30, 2019 Close: $60.26

Change: -4.94%

On Feb. 6, Cognizant announced that its board had named Brian Humphries, then the CEO of Vodaphone Business, as the company's new CEO, effective April 1. Francisco D'Souza, Cognizant's co-founder and CEO since 2007, remains at the company as vice-chairman of the board.

On Feb. 15, Cognizant agreed to pay a $25 million fine to settle charges of conspiracy to violate anti-bribery laws following an investigation by the U.S. Securities and Exchange Commission and the U.S. Department of Justice.

The charges involved an alleged $2 million bribe paid by Cognizant to a government official in India where the company was building a new facility. Cognizant's former president and chief legal officer were indicted separately on charges of conspiracy to violate anti-bribery laws.

In March Cognizant, No. 6 on the CRN Solution Provider 500, launched a $600 million accelerated share repurchase program.

For the first six months of 2019 (ended June 30), Cognizant reported revenue of $8.25 billion, up 4.2 percent from $7.92 billion in the first half of 2018. Net income for the six-month period was $950 million, down 2.7 percent from $976 million in the same period one year before.

The company will announce its third-quarter results on Oct. 30.

 
 
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