After a record month of rain, more downpours this week led New Jersey-based outsourcer Cognizant Technology Solutions (CTSH) to temporarily shut its facilities in Chennai, India, and move some work elsewhere. Some 60,000 employees, or 27% of Cognizant’s 219,300 tech services employees, reportedly work in or near the Sea of Bengal port city, where Cognizant maintains 11 facilities. Nearly 20 inches of rain fell on Chennai on Monday alone,
Promising to “capture a disproportionate share” of the IT market, Cognizant Technology Solutions (CTSH) CEO Francisco D’Souza early Wednesday delivered another quarter that outperformed Wall Street expectations. The Q4 guidance, however, missed expectations, and Cognizant’s stock wilted. That wasn’t the case with Cognizant’s smaller information technology services rival Virtusa (VRTU), whose stock rose after the company reported a quarterly
Tyler Technologies (TYL) stock jumped more than 11% at one point Thursday to an all-time high as investors applauded the tech service company’s plan to acquire a privately held software firm for $670 million in cash and shares. Tyler shares jumped as high as 166 intraday and closed up 10.1% at 164.39. Tyler’s stock has been a top performer among those in the tech service field, competing with the likes of Cognizant (CTSH), Accenture (ACN), Unisys