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Outsourcing services company Cognizant Technology Solutions declared a "two-for-one stock split on its capital stock in the form of a stock dividend" to all shareholders as of October 1. The share distribution will occur "on or about" October 16. The company's board also authorized a $100 million stock repurchase to be carried out over the next 12-month period. Cognizant's shares are up less than a percent over the recent 12-month period, trading in a range of $95.55-$67.60. The company has more than $750 million in cash and short-term investments on its balance sheet. Shares were nearly 2% higher in pre-market trading.

Sources: Press Release, MarketWatch, Reuters
Commentary: Cowen Sees A Buying Opportunity in CognizantCognizant Technology Solutions: The Upside to Slowed GrowthHow Much Longer Will Indian Outsourcers Offer Cost Advantages?
Stocks/ETFs to watch: CTSH. Competitors: INFY, WIT, SAY
Earnings call transcript: Cognizant Technology Solutions Q2 2007

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Source: Cognizant Authorizes Two-for-One Split, Stock Repurchase