Diamonds and Dogs
Universal Display (OLED) shining brightly. The lighting technology company is jumping 18% following blow out earnings as revenues rose 101% to $87.8 million, easily surpassing expectations. The surprise upside came from South Korea customers, up 36% quarter over quarter. Sales to Chinese panel makers also grew significantly, now accounting for 24% of total sales. The Oppenheimer analyst made positive comments while the Needham analyst upgraded the stock with a $200 price target.
Cognizant Technology Solutions (CTSH) a little less clairvoyant today. The IT company is down 12% following earnings. Cognizant misses expectations even as sales rose 5% to $4.11 billion. The company went on to lower second quarter sales and full year earnings guidance by 10%. Management blamed incremental softness from their key healthcare and banking customers. The stock received at least six downgrades saying the weakness is company specific.