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Elliott Urges Cognizant Debt Hike for M&A and Share Buybacks

Elliott Management's Paul Singer

IT services company Cognizant Technology Solutions Corp. ( (CTSH) ) shares jumped 10% early Monday after billionaire Paul Singer and his activist investment fund Elliott Management launched a campaign urging the company to take on more leverage to help fund research and M&A at the same time that it initiated a $2.5 billion share buyback program.

"Despite growing into a scale market leader with stable and significant cash flows, Cognizant has remained unwilling to establish a capital...