XRX - Xerox Holdings Corporation

NYSE - NYSE Delayed Price. Currency in USD
36.84
-0.28 (-0.75%)
At close: 4:04PM EST
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Previous Close37.12
Open37.00
Bid0.00 x 800
Ask39.17 x 2200
Day's Range36.30 - 37.36
52 Week Range18.58 - 39.47
Volume1781820
Avg. Volume2,234,648
Market Cap7.9B
Beta (5Y Monthly)1.79
PE Ratio (TTM)12.99
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & Yield1.00 (2.69%)
Ex-Dividend Date2019-12-30
1y Target EstN/A
  • Bloomberg

    Icahn Bought HP Stake Knowing of Xerox Bid Plans, Fund Says

    (Bloomberg) -- A Xerox Holdings Corp. shareholder sued Carl Icahn and an investment vehicle he controls, alleging they bought $1.2 billion worth of HP Inc. shares knowing that Xerox was considering acquiring the stock at a premium.The Miami Firefighters Relief and Pension Fund filed the lawsuit in New York state court in Manhattan on Friday, alleging Icahn, Icahn Capital LP and High River Limited Partnership breached their fiduciary duties to Xerox by buying HP stock with the knowledge that “Xerox was either considering making an offer to purchase HP, had already approached HP about a possible merger into or acquisition by Xerox, or of the obvious merits of Xerox’s potential acquisition of HP.”A representative for Icahn was not immediately available for comment.Icahn Capital is Xerox’s largest shareholder, owning almost 11% of the stock as of September 30. Icahn late that month disclosed that Icahn Capital and High River together owned more than 62.9 million shares of HP, making Icahn the fifth-largest shareholder in the company.A previous disclosure by Icahn in August listed no HP stock as of June 30. While the date of Icahn’s purchases were not revealed, an analyst speculated two days after the end of the third quarter that an activist investor might be targeting HP shares citing reasons including a “huge spike” in trading volume without an obvious reason, according to the suit.HP last month rejected an unsolicited, cash-and-stock offer from Xerox worth $22 per share, or about $33 billion. Icahn earlier this month urged HP to push ahead with takeover talks, arguing the hardware maker’s standalone plans amount “to little more than rearranging the deck chairs on the Titanic.” Xerox has taken its case directly to shareholders, saying the takeover would create as much as $1.5 billion in potential revenue growth, according a presentation to investors made public earlier this week.Read More: Icahn Urges HP to Move Forward With Xerox Merger Discussions(Updates with details from complaint.)\--With assistance from Scott Deveau.To contact the reporter on this story: Chris Dolmetsch in Federal Court in Manhattan at cdolmetsch@bloomberg.netTo contact the editors responsible for this story: David Glovin at dglovin@bloomberg.net, Anthony LinFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Barrons.com

    Xerox Claims Its $22 a Share Bid for HP Is Really Worth $31

    Xerox Holdings has begun meeting with investors to persuade them to support the company’s recent $22-a-share takeover bid for HP—asserting among other things that the offer is actually worth $31 a share.

  • Xerox expects revenue growth of up to $1.5 billion with HP takeover
    Reuters

    Xerox expects revenue growth of up to $1.5 billion with HP takeover

    The presentation, addressed to HP shareholders, comes two weeks after Xerox said it was planning to take its $33.5 billion buyout bid directly to HP shareholders after HP refused to open its books for due diligence. Xerox said revenue growth of $1 billion to $1.5 billion can be achieved through a three-year roadmap, which involves cross-selling products and streamlining operations. The combined company will have a free cash flow of more than $4 billion in the first year before any synergies, Xerox added.

  • Bloomberg

    Xerox Woos HP Holders With $1.5 Billion Sales Growth Target

    (Bloomberg) -- Xerox Holdings Corp. believes its proposed HP Inc. takeover would create as much as $1.5 billion in potential revenue growth, according a presentation to HP’s shareholders made public Monday.The printer maker outlined its case for a tie-up between the companies, arguing the combined firm will be worth about $31 a share to HP investors on a pro-forma basis. The merged entity will generate more than $4 billion in free cash flow in the first year before taking any synergies into account, according to the presentation, confirming a report in Bloomberg News.“The value of the transaction goes beyond economics. In consolidating industries, first movers not only win but also have an opportunity to reshape the competitive landscape in an enduring way,” John Visentin, Xerox’s chief executive officer, said in the presentation.Xerox has already said it believes the combination would create roughly $2 billion in synergies, which it argues could be achieved in 24 months. Those savings could be achieved through streamlining their operations by reducing the number of suppliers the combined company would use, cost reductions on information technology and reducing its real estate footprint, among other measures.The presentation for HP shareholders goes further, saying a merger of their operations would allow cross-selling and a unified platform for clients. That could yield an estimated $1 billion to $1.5 billion revenue growth, Xerox said.To get to this amount, Xerox says it has a three-year roadmap that includes generating $540 million to $750 million from pitching complementary products to existing clients, $50 million to $100 million from manufacturing and distribution efficiencies and $350 million to $400 million from integrating HP products into Xerox’s office-as-a-service offerings.It also said there could be $300 million to $400 million in growth from Xerox’s services and software and $150 million to $300 million from offering Xerox’s leasing options to HP customers. A representative for Xerox declined to comment, while a representative for HP couldn’t immediately comment.HP’s shares were little-changed at $20.50 at 9:58 a.m. Monday, while Xerox rose less than 1% to $37.99.HP last month rejected an unsolicited, cash-and-stock offer from Xerox worth $22 per share, arguing it undervalued the company and citing concerns about the health of its smaller rival’s business. Xerox said it planned to take its case straight to HP’s shareholders after the Palo Alto-based hardware maker refused to grant the mutual due diligence it requested.The presentation to be released publicly Monday is the first step in that effort, and Visentin will start meeting some HP shareholders this week to sell the plan. Xerox has asked for three weeks of mutual due diligence in order to validate its case for a tie-up, noting in the presentation it expects no financing conditions and no regulatory risks.JPMorgan Chase & Co. analysts said this month that a merger carried risks and could cause some near-term downside in both stocks. Their Dec. 3 note added that the deal would leave investors more exposed to “a declining printer business.”Activist investor Carl Icahn, who owns as stake in both companies, called on HP last week to push ahead with the talks, calling the deal a “no-brainer.” He accused the company’s directors and management of seeking to preserve their own jobs instead of protecting shareholders’ interests. He argued HP’s standalone plans amount “to little more than rearranging the deck chairs on the Titanic.”Icahn is Xerox’s largest holder with a nearly 11% stake in the Norfolk, Connecticut-based company. He also owns a 4.2% of HP, making him its fifth-largest holder, according to data compiled by Bloomberg.(Updates with details of presentation starting in first paragraph)To contact the reporter on this story: Scott Deveau in New York at sdeveau2@bloomberg.netTo contact the editors responsible for this story: Liana Baker at lbaker75@bloomberg.net, Fion Li, Ben ScentFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Barrons.com

    Silicon Valley Is Having a Banner Year. But It’s Oldest Companies Are Being Left Behind.

    Alex Eule and Eric Savitz discuss the troubles of legacy tech firms and whether they can reinvent themselves.

  • Barrons.com

    An HP-Xerox Merger Will Save Investors $2 Billion, Icahn Says

    STOCKSTOWATCHTODAY BLOG Three numbers to start your day: The Level of the Non-Manufacturing Index Was 53,9 —in November. It’s a measure of activity in the U.S. economy’s service sector compiled by the Institute for Supply Management.

  • Barrons.com

    Carl Icahn Says the HP-Xerox Merger Is a ‘No-Brainer’

    In an open letter to HP shareholders, the activist investor urges the HP board to reconsider its to reverse its rejection of Xerox’s $22-a-share bid for the company.

  • Carl Icahn urges HP shareholders to reach out to board
    Reuters

    Carl Icahn urges HP shareholders to reach out to board

    "HP shareholders deserve the opportunity to decide for themselves whether a combination with Xerox makes sense before the idea is summarily rejected by HP's board," Icahn said. Icahn, who has 10.85% stake in Xerox and 4.24% in HP, said the combination could yield over $2 billion in cost savings. "The combination of HP and Xerox is one of the most obvious no-brainers I have ever encountered in my career," he said.

  • Carl Icahn implores HP shareholders to push for Xerox acquisition deal
    American City Business Journals

    Carl Icahn implores HP shareholders to push for Xerox acquisition deal

    Icahn said, "I can say without exaggeration that the combination of HP and Xerox is one of the most obvious no-brainers I have ever encountered in my career."

  • Did Hedge Funds Drop The Ball On Xerox Holdings Corporation (XRX) ?
    Insider Monkey

    Did Hedge Funds Drop The Ball On Xerox Holdings Corporation (XRX) ?

    Amid an overall bull market, many stocks that smart money investors were collectively bullish on surged through the end of November. Among them, Facebook and Microsoft ranked among the top 3 picks and these stocks gained 54% and 51% respectively. Our research shows that most of the stocks that smart money likes historically generate strong […]

  • Carl Icahn insists that HP press on with Xerox merger talks
    American City Business Journals

    Carl Icahn insists that HP press on with Xerox merger talks

    “It is absurd for the HP board and management team, with such a history of underperformance and missteps, to claim to have had a sudden epiphany and now expect shareholders to trust them to execute a standalone restructuring plan,” Icahn wrote in a letter he plans to send to shareholders.

  • UPDATE 1-Carl Icahn urges HP shareholders to reach out to board
    Reuters

    UPDATE 1-Carl Icahn urges HP shareholders to reach out to board

    Activist investor Carl Icahn on Wednesday urged the shareholders of HP Inc who agree with the merger with Xerox Holdings Corp to reach out to the personal computer maker's directors for immediate action. "HP shareholders deserve the opportunity to decide for themselves whether a combination with Xerox makes sense before the idea is summarily rejected by HP's board," Icahn said. Icahn, who has 10.85% stake in Xerox and 4.24% in HP, said the combination could yield over $2 billion in cost savings.

  • Icahn Urges HP to Move Forward With Xerox Merger Discussions
    Bloomberg

    Icahn Urges HP to Move Forward With Xerox Merger Discussions

    (Bloomberg) -- Carl Icahn is urging HP Inc. to push ahead with takeover talks with Xerox Holdings Corp., arguing the hardware maker’s standalone plans amount “to little more than rearranging the deck chairs on the Titanic.”A tie-up between the companies could yield more than $2 billion in synergies, the billionaire investor said in a letter addressed to HP shareholders Wednesday.“It is absurd for the HP board and management team, with such a history of underperformance and missteps, to claim to have had a sudden epiphany and now expect shareholders to trust them to execute a standalone restructuring plan,” Icahn said in the letter confirming an earlier report from Bloomberg.HP last month rejected an unsolicited, cash-and-stock offer from Xerox worth $22 per share, or about $33 billion. Xerox plans to go to HP shareholders to present its case for a deal. Icahn, who owns stakes in both companies, said he was perplexed over HP’s board and management refusing Xerox’s proposal for mutual due diligence to explore a takeover.HP’s decision to stonewall Xerox is also irrational and not in the best interest of shareholders, Icahn said.“I can say without exaggeration that the combination of HP and Xerox is one of the most obvious no-brainers I have ever encountered in my career -- one where activism should not even be necessary at all because the merits of the combination are so obvious to everybody involved,” Icahn said.The deal will likely get done but the process will stretch out for a little while, according to Anand Srinivasan, senior technology analyst with Bloomberg Intelligence.“Partially, the reticence is the structure of the deal,” he said in an interview. “Who’s in charge? Who’s not? Who’s buying whom? The other part of it is to maybe push up the premium and play a little harder to get.”Icahn urged his fellow shareholders to reach out to HP’s directors and let them know that immediate action is needed to explore this opportunity.A representative for Xerox declined to comment. A representative for HP wasn’t immediately available for comment.HP’s shares, which have fallen about 14% over the past year, rose 1.5% in trading Wednesday to C$19.93 a share as of 9:36 a.m. in New York. Xerox’s shares rose nearly 1%.Icahn is the largest shareholder in Xerox, with a nearly a 11% stake. He also owns 4.2% stake in HP, making him its fifth-largest holder, according to data compiled by Bloomberg.HP has said it’s open to exploring a deal, but only if it can do due diligence on Xerox. Xerox, in turn, has requested that HP opens its own books in order to proceed with the talks.Icahn said he sees no downside to granting mutual due diligence. He also wondered whether HP was refusing the request as a delaying tactic so that its chief executive officer and board members could keep their jobs.“I cannot believe that the recalcitrance of HP’s board is driven by any real confidence in its standalone restructuring plan, which the market, shareholders and analysts met with extreme indifference,” he said.HP has argued the proposal undervalues the company. It also raised concerns about Xerox’s ability to raise the necessary capital and its debt load as reasons for not granting Xerox mutual due diligence.(Updates with analayst comments in paragraph seven, share prices in eleventh paragraph.)To contact the reporter on this story: Scott Deveau in New York at sdeveau2@bloomberg.netTo contact the editors responsible for this story: Liana Baker at lbaker75@bloomberg.net, Matthew MonksFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Investing.com

    Xerox Falls on Downward Guidance for 2019

    Investing.com - Xerox (NYSE:XRX) tumbled in midday trade on Tuesday after it lowered its guidance for 2019 due to ending its Fujifilm relationship.

  • Intel sticks some coal in Dell and HP’s Christmas stockings
    MarketWatch

    Intel sticks some coal in Dell and HP’s Christmas stockings

    Intel Corp. may become the Grinch who stole Christmas from large PC makers. HP Inc. (HPQ)  and Dell Technologies Inc. (DELL) both admitted Tuesday that they expect a negative impact on their future results as a result of chip shortages for which Intel apologized last week. Dell laid bare that the chip giant’s shortages have gotten worse, an issue that was not clear in the apology, since Intel (INTC) reiterated its stronger-than-expected guidance for the fourth quarter.

  • Barrons.com

    Xerox Is Attempting to Buy HP. History Says It’s a Bad Idea.

    FEATURES - MAIN Mergers and acquisitions are no replacement for innovation, but that has never stopped tech firms from trying to buy their way into the future. In 1986, Burroughs bought Sperry for $4.

  • Barrons.com

    HP’s Surprisingly Strong Earnings Were Good for Investors, but Bad for Xerox

    HP Inc. just delivered prime evidence that it can get along just fine without selling itself to Xerox Holdings.

  • Benzinga

    Dell Misses Revenue Estimates, But Profitability Remains Strong

    Dell Technologies (NYSE: DELL) posted its third quarter earnings on Tuesday after the bell. Expectations were strong considering that Dell has beaten EPS estimates 100% throughout the last year and even revenue estimates 75% of the time. Total revenue of $22.84 billion was close to Refinitiv estimates of $23.04 billion.

  • Benzinga

    HP Facing Two Kinds Of Stress: Falling Short On Revenue And Xerox Going Directly To Its Shareholders

    Hewlett Packard Inc. (NYSE: HPQ) posted its quarterly earnings of 49 cents per share for the quarter ended on October 30th, overall surpassing EPS estimates four times consecutively over the last four quarters. For the quarter ended on October 30th 2019, revenue amounted to $7.22 billion, with revenues of the comparable quarter last year being $7.95 billion.

  • TEST Business Wire Releases

    Xerox CEO and CFO to Speak at the Credit Suisse 23rd Annual Technology Conference

    Xerox Holdings Corporation Vice Chairman & CEO John Visentin and Bill Osbourn, executive vice president and CFO, at Credit Suisse Tech Conference.

  • Dell CFO says 'pleased' with earnings results
    Yahoo Finance

    Dell CFO says 'pleased' with earnings results

    Yahoo Finance speaks with Dell CFO Tom Sweet about its latest earnings and the health of Corporate America.

  • TheStreet.com

    HP Shares Gain After Q4 Earnings Beat But Stays Silent on Xerox Takeover Battle

    HP shares ticker higher Wednesday after the printer and PC maker posted modestly stronger-than-expected fourth quarter earnings as it continues to resist a $33 billion takeover approach from its smaller rival Xerox.

  • Ichan slams HP decision to reject Xerox acquisition bid
    Yahoo Finance Video

    Ichan slams HP decision to reject Xerox acquisition bid

    Carl Icahn is calling out HP, slamming the company's decision to reject Xerox's takeover bid. Yahoo Finance’s Jared Blikre joins Seana Smith on The Ticker to break down the details.