[R]2:00PM New York – Church Dwight and theStreet.com soar 10% but Cognizant Technology fell 21% after the release of earnings.[/R]

Church & Dwight (CHD: chart) reported third quarter sales increase of 12% to $580.40 million. Sales excluding the impact of the currency and acquisition rose 6% from a year ago. Earnings in the quarter increased to $51.70 million from $38.7 million a year ago. Earnings per share increased to 75 cents from 57 cents a year ago.

At quarter-end, the Company had total outstanding debt of $867 million and cash of $179 million for a net debt position of $688 million. This compares to total debt of $933 million and cash of $110 million for a net debt position at December 31, 2006 of $823 million.

James R. Craigie, Chairman and Chief Executive Officer, commented, “We are raising our previously announced earnings per share goal of $2.34 to $2.36 to $2.42 to $2.44, including the gain on the property sale, which is equivalent to a 17% to 18% increase over 2006 results. Included in our full year earnings goal is a fourth quarter charge of approximately $0.04 per share, relating to the reorganization of our Canadian business as we continue to take actions to streamline the Company.”

Church & Dwight (CHD: chart) increased 10.6% to $51.35 in the morning trading.

Cognizant Technology Solutions Corporation (CTSH: chart) reported third quarter revenue increase of 48% to $558.80 million, earnings of $96 million compared to $61 million, and earnings per share of 32 cents compared to 20 cents a year ago.

European business rose 90% from a year ago, 24% from the previous quarter and now account for 17% of total revenue in the quarter.

The company guided fourth quarter 2007 revenue between $590 million and $595 million. Fourth quarter 2007 diluted earnings per share expected to be $0.31 on a GAAP basis, and $0.34 on a non-GAAP basis, which excludes a stock-based compensation expense of $0.03.

Fiscal 2007 revenue expected to be between $2.125 billion and $2.13 billion, up over 49% compared to 2006. Fiscal 2007 diluted EPS expected to be $1.14 on a GAAP basis, and $1.24 on a non-GAAP basis, which excludes the impact of stock-based compensation expense of approximately $0.10.

Cognizant (CTSH: chart) stock fell as low as $31.15 or 21% on the earnings news.