Europe is driving even the Indian IT workers to complain. Infosys Ltd. (NASDAQ: INFY), one of the largest Information technology outfits in the world (located in India), is seeing its shares chopped down hard on news that the company had to lower its guidance. The new guidance calls for results to fall short for the full year sales targets in real dollar terms. This is the second such warning from Infosys and weak economic growth and Europe were singled out this time.
Cognizant Technology Solutions Corporation (NASDAQ: CTSH) is often considered the American-owned version of the company but it has a huge Indian workforce as well. Cognizant shares are down over 3% at $68.05 today. India-based Wipro Limited (NYSE: WIT) is down 4.3% at $10.00 on the day.
The drop is an uncharacteristic drop in Infosys because shares are down 10% at $51.17 and the 52-week range is $46.12 to $74.25. If you want to know just how large these companies are, Yahoo! Finance shows that the number of full-time employees are as follows: 141,000 at Infosys; 120,000 at Wipro; and 130,000 at Cognizant.
Can you imagine if IBM lost about one-third of its value from the 52-week high?
JON C. OGG