Cognos Rising on Earnings, Upgrade

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was gaining in the premarket session after reporting in-line earnings and being upgraded by Merrill Lynch.

The software maker earned $13.3 million, or 15 cents a share, in the third quarter, on sales of $124.6 million. The results were at the high end of analysts' forecasts. For the fourth quarter, Cognos expects to earn 21 cents to 22 cents a share, also in line with estimates.

The stock was gaining $1.72, or 8.5%, to $22 in premarket trading on Instinet after Merrill raised it to strong buy from buy and raised its fourth-quarter earnings and revenue estimates.