It was a combination of guilt by association (which their earnings report laid to rest) and the whole visa thing, which as bushblows pointed out is something that is probably a non-issue and far into the future at best. Management was very confident on the call...you should listen if you haven't already. They did all but say outright that the visa thing will probably never go through and if it does, it will be so watered down it won't have an impact. They said CTSH's clients would have no problem lobbying on behalf of CTSH and themselves to make sure this doesn't happen. Anything under $68 is shooting fish in a barrel if you are anything but a daytrader. Plus, up on heavy volume today....do I smell an upgrade coming? If that happens all the other analysts will second the motion and will be in the high $70's in no time. The fundamentals of this company separate it from it's peers and most of the reason for that is it's sticky relationships with their clients. Sure thing.
I would buy, I did at 64.88 a few days ago. I think this whole visa thing is way overblown and too far down the line to have any impact for at least 1.5yrs (assuming anything even comes of it). CTSH just beat on all fronts and raised guidance - there is no reason for this stock to go anywhere but up in my opinion, making this a great time to buy since it is still down from where it was pre-earnings.