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Cognizant, Sirius, Facebook: Tech Premarket

NEW YORK ( TheStreet) - Cognizant (CTSH - Get Report) was a big winner in premarket trading on Monday as investors welcomed the company's second-quarter results.

The business process outsourcing specialist reported revenue of $1.795 billion, a 20.9% hike on the prior year's quarter, and just above analysts' forecast of $1.79 billion. Excluding items, Cognizant earned 88 cents a share, up from 72 cents a share in the same period last year. Analysts surveyed by Yahoo! Finance were looking for earnings of 80 cents.

"This market downturn, as with those before, is serving as a catalyst for clients to embrace a broader range of our services," explained Cognizant President Gordon Coburn in a statement released before market open.

The Teaneck, N.J.-based firm also reiterated its full-year revenue guidance of $7.34 billion and raised its fiscal 2012 earnings guidance. Cognizant now expects earnings of $3.64 a share, comparedwith its prior forecast of $3.62 a share.

The results pushed Cognizant's shares up 7.16% to $62 before market open. Cognizant was also one of the most active premarket Nasdaq stocks on share volume of 60,085.

Sirius XM (SIRI - Get Report), however, was the most active premarket Nasdaq stock on share volume of 326,415. The satellite radio specialist, which reports its second-quarter results on Tuesday, rose 0.93% to $2.18.

Facebook (FB - Get Report) was another active Nasdaq stock on share volume of 57,915 as shares of the social networker rose 1% to $21.30.

--Written by James Rogers in New York.

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SIRI $3.91 0.77%
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