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Lexmark (LXK +4.2%) is surging after beating estimates with the help of cost cuts, $120M in...

Lexmark (LXK +4.2%) is surging after beating estimates with the help of cost cuts, $120M in stock buybacks, and a 260 bps Y/Y improvement in gross margin to 39.9%. Q4 guidance is nothing to brag about - revenue is expected to fall 10%-12%, in-line with an 11.5% consensus, and EPS guidance of $0.82-$0.92 is below a $1.03 consensus - but given how much expectations have fallen for printing demand, the Street can live with that. Rival Xerox (XRX -7.7%) is tumbling following its revenue miss.
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