were up sharply Thursday, apparently because investors have decided that the software maker will meet or exceed targets.
The catalyst was a rumor -- which turned out to be true -- that the company will officially announce on Tuesday that second-quarter financial results will be released after the close of trading on Sept. 21. "For many companies, announcing the date and time of the earnings release is a good sign the quarter came in line with expectations," says Rob Tholemeier, an independent analyst and investor who follows business intelligence companies closely.
A spokesman for Cognos confirmed that it will set the date for the announcement and subsequent conference call early week.
Ironically, the most recent news on the company was a downgrade to sell by A.G. Edwards earlier this week. To be fair, the concerns expressed by analyst Yun Kim were longer term, and he said that he expects Cognos to make its second-quarters numbers.
In recent trading, shares of the Ottawa-based company were up $2.12 a share, or nearly 6%, to $38.23.