We had three companies report results since the close last night, with all the stocks moving nicely higher.

Cognizant Technology Solutions (CTSH) is continuing its recent rally after reporting earnings this morning. Earnings per share (EPS) of $0.94 vs. $1.05, was $0.02 above expectations. Revenue growth was a little better than expected, up 3.4%, or up 4.7% on a constant currency basis. New EPS guidance of $3.92 to $3.98 for the year was better than expectations of $3.90. Sales are expected to grow for the entire year from 3.9% to 4.9%, versus expectations of 3.6%

While there was not a lot of upside versus expectations from these results and guidance, the market was expecting a lot worse. The company is now on a course to return to steady growth. I am raising my target to $79, or 18X 2020 EPS, and my new buy under price is $65.

Ingredion (INGR) is trading off of its best levels, but is still sharply higher despite lower revenue guidance for the year. EPS of $1.66 vs. $1.66 was in line with expectations, with a 4% decline in revenues largely reflecting currency factors. Higher corn costs hurt EPS by $0.09 in the quarter, while currency took away $0.13. These factors were offset by lower interest costs ($0.08), share buybacks ($0.12) and a lower tax rate ($0.02). EPS guidance for the year was lowered to $6.60-$6.80 from $6.80-$7.10 as corn prices continue to rise. However, the stock remains a solid value in a non-cyclical industry, with a 3.2% dividend yield. Assuming a recovery in EPS to $7.10 next year, which does not require heroic assumptions given very easy companions, my $105 target is achievable. INGR is a buy below $90. The 3.2% dividend yield will add to total return.

Valvoline (VVV) is surging, up around 9%, after reporting EPS of $0.37 vs. $0.32, which was $0.01 better than expectations. Revenues were up 6.4%, reflecting 9.4% same store sales gains at Quick Lube, as the company was able to raise prices and successfully add services outside of oil changes. EPS estimates for the year should rise to $1.35 from $1.30, and assuming growth to $1.45 next year, my $25 target is reasonable. I believe this quarter shows the strong franchises possessed by VVV. I am slightly raising my buy under to $21.50.