Market Currents

• Tuesday, December 1, 2009

• 13:49 PM Xerox (XRX +2.2%) is selling $2B of bonds today to finance its $6.4B purchase of Affiliated Computer Services (ACS), its biggest acquisition. Xerox will repay some or all of the $1.8B outstanding under ACS' senior credit facility when the deal is done. 1 Comment

• Thursday, October 22, 2009

• 06:57 AM Xerox (XRX): Q3 EPS of $0.14 beats by $0.02. Revenue of $3.67B (-15.9%) in-line. Sees full-year EPS of $0.55-0.57 vs. consensus of $0.53. (8-K) Comment!
• 00:05 AM Notable pre-market earnings: AUO, BDK, BG, BMY, CBE, CELG, CHKP, CIT, CNX, DAL, DHR, DO, DOW, EMC, ERIC, ESV, ETR, FITB, GR, HBAN, HOT, HSY, JBLU, JNS, KMB, LCC, LH, LM, MCD, MJN, MMM, MRK, NCR, NIHD, NUE, NVS, NYT, ORI, OXY, PDS, PLD, PM, PNC, POT, R, RAI, RGC, RS, RTN, RX, SGP, STI, SY, T, TASR, TIN, TMO, TRA, TRV, UNP, UPS, XRX, ZMH Comment!

• Monday, September 28, 2009

• 13:49 PM S&P puts Xerox (XRX -18.8%) on negative credit watch on news of the planned $6.4B acquisition of Affiliated Computer Services (ACS +11.2%). Xerox now has a market cap of just $6.34B. 1 Comment
• 12:53 PM The backstory on Xerox's (XRX -17.7%) biggest acquisition, of Affiliated Computer Services (ACS +12.5%). Xerox had its eye on ACS for the past two years, and faced some competition because of its target's recurring-revenue model: "Every PE firm in the world that could raise the debt was kicking the tires on this one because of the cash." (More on ACS' bumpy deal history.) Comment!
• 08:32 AM Another IT services deal emerges as Xerox Corp. (XRX) says it will buy Dallas-based Affiliated Computer Services (ACS) for $6.4 billion, or $63.11 a share. The terms represent a 33.6 percent premium from the Friday close. Comment!

• Tuesday, September 15, 2009

• 10:57 AM Speaking of buybacks, Barclays lifted Xerox (XRX +4.1%) to Overweight this morning, predicting investors "will get increasingly more comfortable with Xerox's cash generation capabilities" as things stabilize. Shares could appreciate further "into the early stages of a major buyback program," which Barclays thinks could begin next year. Comment!

• Thursday, July 23, 2009

• 07:12 AM Xerox (XRX): Q2 EPS of $0.16 beats by $0.05. Revenue of $3.7B (-18%) in-line. (PR) Comment!
• 00:05 AM Notable earnings before Thursday's open: ALXN, BG, BLL, BMY, CBE, CELG, CLS, CME, DHR, DO, ECA, EMC, ESI, ESV, F, FITB, FLIR, GR, HBAN, HOT, HSY, IGT, JBLU, KMB, LCC, LLL, MMM, NCR, NEM, NIHD, NOC, NUE, NYT, OMC, ORI, OXY, PLD, PM, PNC, POT, R, RAI, RS, RTN, RX, SIAL, SPNC, T, TIN, TMO, TRA, UNP, UPS, WYE, XRX, ZMH Comment!

• Friday, May 29, 2009

• 13:03 PM BusinessWeek looks at Ursula Burns' plans for Xerox (XRX). Comment!

• Thursday, May 21, 2009

• 12:24 PM Ursula Burns will replace Anne Mulcahy as CEO of Xerox (XRX). Burns joined Xerox in 1980, became president in 2007 and has been groomed by Mulcahy for the top job. Comment!

• Tuesday, May 19, 2009

• 15:17 PM Eager to gain on competitors, Xerox (XRX) plans to keep up the pace of its R&D spending, even if that means cannibalizing some of its own products in the process. Shares +3.7%. Comment!

• Friday, April 24, 2009

• 07:11 AM Xerox (XRX): Q1 EPS of $0.05 beats by $0.01. Revenue of $3.55B (-18%) in-line. Sees Q2 EPS of $0.10-0.12 vs. $0.14. (PR) Comment!
• 00:05 AM Notable earnings before Friday's open: ACI, AEP, F, HON, ITT, MMM, MV, SLB, SWK, WL, XRX Comment!

• Monday, April 6, 2009

• 05:41 AM Xerox (XRX) will pay $100M over six years to outsource data-center services to India's HCL Technologies. Comment!

• Friday, March 20, 2009

• 08:31 AM Xerox (XRX): Sees Q1 EPS of $0.03-0.05, down from a previous $0.16-0.20 and consensus of $0.1. Total revenue in Jan.-Feb. declined 18%, including a 5% currency impact. Shares -6.4% premarket. (PR) Comment!