Shares of Cognos Inc jumped on Nasdaq yesterday amid strong rumors that the business intelligence software maker would hit or exceed its second quarter numbers. Shares of Cognos rose as much as $38.55 per share over the speculation, closing up nearly 6.5% at $38.43.
The activity was sparked by a rumor that the Ottawa-based company would be reporting its second quarter results on September 21. Investors are a fickle bunch and many believe that an early announcement of the date and time of a company earnings call is a surefire sign that it will be a strong quarter.
Cognos officials however neither confirmed nor denied this, saying that it will set a date for the earnings call early next week.
Cognos expects revenue of between $207m and $215m for its second quarter and between 28 to 31 cents earnings per share.
Cognos has been an almost consistent bellweather of growth for the BI market over the past several years. But earlier this year a performance hiccup (caused by a slip in expected large deals and currency exchange factors) forced the company to trim its first quarter forecast, which it topped easily.