Why is this important? Well, if you’re the Chairman of the Board of Cognizant Tech Solutions, CTSH, it’s very important to the future of your business. Recently CTSH has been clobbered along with other offshore centric IT providers. According to JP Morgan analyst Huang, the legislation could hurt CTSH earnings by 15-19% in a bad case scenario. Combined with other provisions in the bill, the worst case impact could be as much as -20-24%. JP Morgan has an overweight rating with a new price target of $75. Maybe this is what drove Chairman of the Board, John Klein, to add to his holdings when he purchased $470.8k worth of CTSH stock on 6-14-13. At any rate he is worth watching as his previous investments in his company’s stock are up an average of 150.3% according to the Washington Service.
— Speaker John A. Boehner said Tuesday that he would not bring any immigration measure to the floor for a vote unless it had the support of a majority of House Republicans, raising potential new obstacles to Congressional approval of a broad immigration overhaul.RelatedSenator Tries to Run Out the Clock on Immigration (June 18, 2013)Top Democrats in Senate Urge Faster Action (June 18, 2013)Director of Enforcement Agency Resigns to Work for Bank (June 18, 2013)As the Senate headed toward votes on amendments in its second week of considering an immigration measure, Mr. Boehner tried to put to rest discussion that he would consider pushing through an immigration bill with a combination of Democrats and a minority of receptive Republicans in the House, where conservative Republican sentiment runs strongly against allowing those who entered the country illegally to qualify for legal status.
via Boehner Raises Obstacle to Allowing Immigration Vote – NYTimes.com.