NEW YORK—Cognizant Technology Solutions Corp. took the biggest hit Wednesday on the Standard & Poor's 500 index, which retreated after a late-session plunge as oil prices hit a fresh all-time high.
The S&P 500 gave up 25.69 points, or 1.81 percent, to 1,392.57.
Cognizant Technology shares tumbled $3.54, or 10.5 percent, to $30.21. The information technology and outsourcing company offered second-quarter guidance Wednesday that fell below analyst estimates.
Countrywide Financial Corp. gave up 40 cents, or 7.5 percent, to $4.94 after the mortgage lender acknowledged its employees made errors and said it would hire an outside auditor to review its actions in cases of homeowners who filed for bankruptcy.
American International Group slipped $3.32, or 6.9 percent, to $45.08. The insurer is expected to report a first-quarter loss after the end of trading Wednesday.
Among the gainers, Titanium Metals Corp., soared $1.83, or 11.6 percent, to $17.67 after the metals maker posted a lower first-quarter profit but met Wall Street estimates.
DirectTV Group Inc. added $1.21, or 4.7 percent, to $27.01 after the digital and satellite TV provider said its first-quarter earnings rose 10 percent.
Pitney Bowes Inc. gained $1.51, or 4.1 percent, to $38.16 as the mail and document-managing company reaffirmed its full-year outlook.
