The S&P 500 was down nearly 13 points, or 0.93%, to 1357 in recent trades.
Shares of Cognizant Technology Solutions were up 5.8% to $59.55 after Robert Baird upgraded the stock to outperform.
On Monday, Cognizant reported first-quarter earnings that met analysts' expectations but lowered its full-year outlook. The Teaneck, N.J.-based consultant now sees earnings of $3.36 a share on revenue of $7.34 billion in fiscal 2012, down from a prior projection for a profit of $3.43 a share on revenue of $7.53 billion.Cognizant's stock trades at an estimated price-to-earnings ratio for next year of 14.31 times; the average for computer services companies is 44.28X. For comparison, Teradata (TDC) has a higher forward P/E of 22.94X. Twenty-five of the 29 analysts who cover Cognizant rate it at buy. Three analysts give the stock a hold rating and one rates it at sell. The stock has fallen 7.17% year to date.
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