topstockalerts
Oct 1, 12:46 PM
EPAM Systems shares rose in premarket trading, extending their recovery from multi-year lows as activist pressure, improving earnings fundamentals and a historically low valuation attracted renewed buying interest. The stock reached
$115.89, well above its 52-week low of
$73.06 but still significantly below its 52-week high of
$222.53.
The main catalyst was strong results from peer Accenture, which reported fiscal Q4 earnings and revenue above analyst expectations, sending its shares about 18% higher. The results reinforced investor interest in IT services and technology consulting companies amid expectations for improving demand.
The broader market also provided support, with the S&P 500 up 0.4% and the Nasdaq gaining 0.6% in premarket trading. The risk-on environment helped amplify the recovery in technology stocks that have suffered steep declines.
$EPAM
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