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May 9, 2014
17:18 EDTXRXXerox issues statement on Texas lawsuit and dismissal
The company said, "The lawsuit filed today by the Texas Attorney General's office regarding Xerox's performance administering the state's Medicaid orthodontic program is misdirected. Xerox will defend itself vigorously. We are also disappointed with the HHSC decision to replace Xerox as Medicaid provider. It has always been and continues to be our objective to reach a resolution with HHSC and the state on their concerns, and hopefully we can find a path forward to attain a reasonable result to address our differences. While we're disappointed in this development, Xerox will continue to serve disadvantaged and underserved Medicaid beneficiaries in Texas during the transition. The Medicaid orthodontia program provides disadvantaged children with access to critical orthodontia procedures such as braces because their families are not in a position to provide this care. Unfortunately, this misdirected lawsuit focuses on Xerox rather than on the dentists who took advantage of the program. We have never engaged in fraudulent activity and always operated with complete transparency. Xerox, under its Texas Medicaid & Healthcare Partnership, has always performed its work in good faith. Moreover, the entire program Xerox implemented was designed by HHSC. Xerox received HHSC approval on each of its processes and Xerox also provided monthly reports to HHSC from the beginning of the program and continues to do so today. Xerox has always collaborated with HHSC to ensure the integrity of the state's Medicaid system since the contract was first awarded in 2003, then re-awarded in 2010 and extended in 2012. While we are certainly disappointed HHSC has filed suit, we're committed to a smooth transition of responsibilities to ensure no disruption of services to Medicaid beneficiaries and the providers who care for them."
News For XRX From The Last 14 Days
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January 29, 2016
17:12 EDTXRXOn The Fly: Top stock stories for Friday
Stocks began the session in positive territory and remained there throughout the day. The early strength was attributed to the surprise cut in interest rates by the Bank of Japan that put the country in a negative interest rate scenario. The market gained strength throughout the day and put in gains of almost 2.5% in what was a broad based advance for the major averages. January closed out with two winning weeks, but the month was still a very bad one for stocks, as the S&P lost over 5% even after today's strong showing. ECONOMIC EVENTS: In the U.S., the Commerce Department's first read on fourth quarter gross domestic product came in at 0.7% annualized growth, below the already anemic 0.8% growth forecast. The Chicago PMI business barometer bounced to 55.6 in January, topping forecasts for a 45.3 reading. The University of Michigan consumer sentiment index slipped to 92.0 in the final January print, missing the 93.0 reading that was forecast. In a surprise move in Asia, the Bank of Japan introduced a rate of minus 0.1% on certain excess holdings of cash while maintaining the pace of its asset purchases. Japan also reported data pointing to a softening economy, as total CPI grew 0.2% year-over-year in December, core CPI rose at only a 0.1% pace and industrial production fell a preliminary 1.4% month-over-month in December. COMPANY NEWS: Shares of Amazon (AMZN) declined 7.6% to $587 after the company's fourth quarter results came in below expectations. Meanwhile, Microsoft (MSFT), which reported better than expected earnings after last night's closing bell, gained 5.8% to $55.09... Confirming a news report that broke late in the day yesterday, Xerox (XRX) announced plans to separate into two independent publicly-traded companies: one focused on Document Technology and another Business Process Outsourcing company. Xerox also announced an agreement related to the governance of the Business Process Outsourcing company under which six directors of the new company will be selected by Xerox and three will be selected by current Xerox shareholder Carl Icahn... Chevron (CVX) reported a quarterly loss due to taking impairments and other charges of $1.1B. The company, which also reported that its average sales price per barrel of crude oil and natural gas liquids in the U.S. was $35 in fourth quarter, down from $66 a year ago, edged up 0.7% to $86.44. MAJOR MOVERS: Among the notable gainers was Axiall (AXLL), which jumped 83% to $17.94 after it came to light that the company received, and rejected, an unsolicited proposal from Westlake Chemical (WLK) offering to acquire the company for $20 per share in cash and stock. Also higher were Visa (V) and Mastercard (MA), which gained 7% and 6.4%, respectively, after reporting quarterly earnings. Among the notable losers was Gilead (GILD), which fell 5.5% to $82.70 after rival Merck (MRK) received FDA approval for its own hepatitis C drug. Also potentially weighing on Gilead shares was the fact that competitor AbbVie (ABBV) announced financial results for the fourth quarter, including sales of Viekira Pak, its own hep C treatment, that fell short of estimates. AbbVie fell 2.3% to $54.58 following its quarterly report. INDEXES: The Dow rose 396.66, or 2.47%, to 16,466.30, the Nasdaq gained 107.28, or 2.38%, to 4,613.95, and the S&P 500 added 46.88, or 2.48%, to 1,940.24.
14:57 EDTXRXS&P lowers Xerox to BBB- from BBB, watch Negative
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12:50 EDTXRXOptions with increasing put volume
Options with increasing put volume: MNST STLD LC LPX DRII MEOH STMP VMW XRX XLP
10:50 EDTXRXXerox sees FY16 revenue down 2%-4% in constant currency terms
Says FY16 revenue trend to improve "modestly," with currency remaining a headwind of (1) to (2) pts. FY16 revenue consensus $17.91B. Guidance from earnings call presentation slides.
09:11 EDTXRXXerox split to 'greatly enhance' shareholder value, Icahn says
Carl Icahn, who this morning reported an increased stake of 9.12% in Xerox, said via the twitter that he believes the company's separation will "greatly enhance value" for shareholders. "I applaud and respect Ursula Burns for doing what she believes shareholders want - as @Donahoe_John did with $EBAY and $PYPL," the billionaire tweeted. "I hope and believe the results will be just as good for $XRX shareholders," he added.
07:28 EDTXRXXerox to hold a conference call
Management discusses the company separating into two independent publicly-traded companies on a conference call to be held on January 29 at 10 am. Webcast Link
07:16 EDTXRXXerox CEO says would field any offers if bidders expressed interest
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07:13 EDTXRXBurns says 'big shift' in healthcare markets played role in break-up decision
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07:05 EDTXRXXerox CEO: Icahn had 'nothing to do' with initiating review that led to split
Xerox Chairman and CEO Ursula Burns is speaking on CNBC.
06:49 EDTXRXXerox board increases quarterly dividend 11% to 7.75c per share
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06:49 EDTXRXXerox sees Q1 adjusted EPS 21c-24c, consensus 21c
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06:49 EDTXRXXerox and Carl Icahan enter agreement related to governance of BPO
Xerox and Carl C. Icahn announced that they have entered into an agreement related to the governance of the Business Process Outsourcing company that will be created as a result of the planned separation of Xerox into two independent, publicly-traded companies, which was announced earlier today. Under the agreement, when the separation is complete, the BPO company will have certain best-in-class corporate governance provisions and a Board of Directors composed of nine members: six directors selected by Xerox and three directors selected by Icahn. In addition, in connection with the planned separation, Xerox agreed that a committee of its Board of Directors will begin searching for an external candidate to be Chief Executive Officer of the BPO company and to allow a person selected by Icahn to observe and advise the committee in that search process.
06:49 EDTXRXXerox sees FY16 adjusted EPS $1.10-$1.20, consensus 99c
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06:48 EDTXRXXerox reports Q4 adjusted EPS 32c, consensus 28c
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06:48 EDTXRXXerox to begin separation process when it finalizes transaction structure
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06:47 EDTXRXXerox announces three year strategic transformation program
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06:47 EDTXRXXerox to separate into two public companies
Xerox announced today the results of its review of the company's portfolio and capital allocation options announced in October 2015. The board of the company has unanimously approved management's plan to separate Xerox into two independent publicly- traded companies. The Document Technology company will continue to be a global leader in document management and document outsourcing with approximately $11 billion in 2015 revenue. The Business Process Outsourcing (BPO) company will be an industry leader that helps clients improve the flow of work by leveraging its expertise in managing transaction-intensive processes and applying innovations to automate and simplify business processes. With approximately $7 billion in 2015 revenue - more than 90% of which is annuity based - the company is focused on attractive growth markets including transportation, healthcare, commercial and government services.
06:46 EDTXRXXerox to separate into two public companies
January 28, 2016
16:42 EDTXRXXerox to split in two, give Icahn three board seats, WSJ says
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15:55 EDTXRXXerox to announce break-up Friday, Icahn to get board seats, Dow Jones reports
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