Cognizant Sharply Higher After Activist Letter

Cognizant Technology Solutions Corp CTSH shares are trading higher by $4.35 (8 percent) at $57.60 in Monday's session. An activist letter from Elliot Management detailing a plan for shares to appreciate to the $80-$90 area has caught Wall Street's attention.

That price target would far exceed the all-time high for the issue that was made in October 2015 at $69.80.

Following a sharply higher open, it retreated to $57.32 before mounting a rally to $58.50. That high comes in between its September 8 high ($57.94) and September 7 high ($59.00).

Since reaching that elevated level, it has drifted back towards the lows for the day and has yet to make a new one.