Cognizant Technology Solutions (NASDAQ:CTSH) shares rose 7.2% to $61.60 in premarket trading after Accenture (NYSE:ACN) reported fourth-quarter results above analyst expectations.
Accenture shares gained around 18% after the company reported earnings and revenue that exceeded consensus estimates.
Cognizant’s premarket price compared with a previous-session close of $57.44.
Broader US Market Trades Higher
The wider US equity market also moved higher, with the S&P 500 gaining 0.3% and the Nasdaq advancing 0.6%.
The supplied information also cited a firmer personal consumption expenditures inflation reading and a wider trade deficit as factors affecting the broader market session.
Performance among other IT services companies was mixed, while Cognizant recorded a larger premarket gain following Accenture’s results.
The source also referred to a guidance increase and margin expansion as factors affecting sentiment towards Cognizant, although no supporting figures or additional details were provided.