Yahoo! Cognizant, Sirius XM: Premarket Movers
NEW YORK (TheStreet) -- Yahoo!(YHOO) was one of tech's winners in premarket trading as the company's shares climbed 1.12% to $15.32.
The embattled Internet giant has hardly been out of the news recently. Late last week, for example, a news report emerged that Yahoo! is in talks to sell part of its 40% stake in Alibaba back to the Chinese e-commerce giant. Citing a person familiar with the matter, Reuters reported that the sale of 15% to 25% of Yahoo!'s stake could be weeks away.
During its first-quarter conference call last month, Yahoo! said that it's pursuing active discussions with Alibaba to monetize a portion of its stake.
Activist investor Dan Loeb has also been cranking up the pressure on Yahoo! CEO Scott Thompson. Last week Loeb accused Thompson of lying on his resume, just a day after Yahoo! sent a letter to shareholders urging them to support the company's board in its unfolding proxy battle with Loeb's Third Point.
Shares of business process outsourcing specialist Cognizant(CTSH) plunged as investors responded to the company's first-quarter results, released early on Monday.
The Teaneck, N.J.-based firm reported revenue of $1.17 billion, a 24.8% hike on the prior year's quarter, and in line with analysts' estimate. Excluding items, Cognizant earned 86 cents a share, up from 71 cents in the same period last year and above analysts' estimate of 81 cents.
Cognizant, however, noted a slower-than-anticipated acceleration in demand entering the second quarter, and revised its guidance to at least 20% revenue growth for 2012. Earlier this year, the company had predicted sales of growth of at least 23%.
Shares of Cognizant plunged 12.14% to $61.20 on news of the lowered guidance.
Sirius XM(SIRI) , which reported first-quarter results on Wednesday, was one of the most active Nasdaq stocks in premarket trading. Shares of the satellite radio company crept up 0.93% to $2.14 on share volume of 545,559.
--Written by James Rogers in New York.
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