Looks like XRX earnings are not Impressive enough.
The stock took off like a rocket on extreme heavy volume in first 2 hours and hit $11.70's but now has come all the way down to day lows on lighter volume. Seems people are betting against it copying the same results next qtr even though XRX said it will not only copy it but beat this qtr's performance next qtr.
Xerox Rallies On Strong Q1, Bullish Q2 And Full Year GuidanceBy Eric Savitz
Now here’s a quarter that Xerox (XRX) would like to duplicate.
The copier and IT services company posted better-than-expected Q1 results, with revenue of $4.72 million and adjusted EPS of 18 cents a share, above the Street at $4.65 billion and 13 cents. On a pro forma basis, revenue was up 5% from a year ago; technology revenue, including the sale of document systems and related supplies, service and financing, was up 6%, including a three-point benefit from currency.
For Q2, the company sees adjusted EPS of 20-22 cents a share, above the Street at 18 cents; for the full year, Xerox now expects profits at the high end of its previous guidance range of 75-85 cents. (The Street has been expecting 81 cents.)
In a statement, the company said results reflect improving demand for document technology in developing markets and from small and mid-size businesses. Xerox says equipment sales to larger companies are “still under pressure,” but that those companies are using their equipment more, resulting in stronger supplies demand, “and indicating some economic stability in corporate environments.”