Advertisement
Singapore markets closed
  • Straits Times Index

    3,224.01
    -27.70 (-0.85%)
     
  • S&P 500

    5,248.49
    +44.91 (+0.86%)
     
  • Dow

    39,760.08
    +477.75 (+1.22%)
     
  • Nasdaq

    16,399.52
    +83.82 (+0.51%)
     
  • Bitcoin USD

    70,614.88
    +724.73 (+1.04%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • FTSE 100

    7,967.67
    +35.69 (+0.45%)
     
  • Gold

    2,216.10
    +3.40 (+0.15%)
     
  • Crude Oil

    81.73
    +0.38 (+0.47%)
     
  • 10-Yr Bond

    4.1960
    0.0000 (0.00%)
     
  • Nikkei

    40,168.07
    -594.66 (-1.46%)
     
  • Hang Seng

    16,541.42
    +148.58 (+0.91%)
     
  • FTSE Bursa Malaysia

    1,530.60
    -7.82 (-0.51%)
     
  • Jakarta Composite Index

    7,288.81
    -21.28 (-0.29%)
     
  • PSE Index

    6,903.53
    +5.36 (+0.08%)
     

Xerox (XRX) Gets Shareholders' Approval for Reorganization

Xerox Corporation XRX announced yesterday that it has got shareholders’ approval for reorganization as a wholly-owned subsidiary of a new holding company. The company previously unveiled this reorganization plan in March.

The proposal got favorable votes from holders of around 99.7% of common shares present and voting at Xerox’s annual meeting, representing around 77% of the company’s total outstanding common shares.

The reorganization remains subject to customary closing conditions such as without limitation and receipt of approval from the Financial Conduct Authority of the United Kingdom. Xerox aims to complete the process by the end of the third quarter of 2019.

Shares of the new holding company is expected to trade under Xerox’s current ticker “XRX” on the New York Stock Exchange.

ADVERTISEMENT

Efficiency Improvement

Xerox stated earlier that the move is aimed at attaining greater strategic, operational as well as financial flexibility and does not involve any change in operations, directors and executive officers.

We believe that the move will help the company protect patents, reduce tax bill and diversify businesses efficiently. It will complement its Strategic Transformation program to achieve productivity and cost reduction, and aggressive product development efforts.

Shares of Xerox have gained a massive 66.5% year to date, substantially outperforming the 36.7% rally of the industry it belongs to.

Zacks Rank & Other Stocks to Consider

Currently, Xerox is a Zacks Rank #2 (Buy) stock. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

A few other top-ranked stocks in the broader Zacks Business Services sector include Navigant Consulting NCI, WEX WEX and FLEETCOR Technologies FLT. While Navigant Consulting (NCI) sports a Zacks Rank #1, WEX and FLEETCOR carry a Zacks Rank #2.

Long-term expected EPS (three to five years) growth rate for Navigant Consulting, WEX and FLEETCOR is 13.5%, 15% and 16.5%, respectively.

Today's Best Stocks from Zacks

Would you like to see the updated picks from our best market-beating strategies? From 2017 through 2018, while the S&P 500 gained +15.8%, five of our screens returned +38.0%, +61.3%, +61.6%, +68.1%, and +98.3%.

This outperformance has not just been a recent phenomenon. From 2000 – 2018, while the S&P averaged +4.8% per year, our top strategies averaged up to +56.2% per year.

See their latest picks free >>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
FleetCor Technologies, Inc. (FLT) : Free Stock Analysis Report
 
WEX Inc. (WEX) : Free Stock Analysis Report
 
Xerox Corporation (XRX) : Free Stock Analysis Report
 
Navigant Consulting, Inc. (NCI) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research