Volume Spike Investor

Infosys Technologies Ltd. (INFY) shares are down about 2% with more than 75% of their average daily volume changing hands as of 11:15 Eastern. The company reports earnings on July 10. A new budget proposal in India was roundly booed by shareholders, as the Sensex fell 5.8%. The new budget included a proposed one-year extension of a tax holiday on exports for outsourcing companies, a benefit to companies like Infosys and rival Wipro Ltd. (NYSE: WIT). But it appears that shareholders mostly anticipated that government proposal. — Mike Tarsala.