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Xerox problems continue

Meets lowered 2Q forecast but warns again on second-half profits

July 26, 2000: 7:52 a.m. ET, CNNFN

NEW YORK (CNNfn) - Troubled copier company Xerox Corp. met a lowered earnings estimate for the second quarter Wednesday, but was forced to reduce future earnings estimates for the fourth time in the less than 10 months.

The announcement sent the stock down 1-3/16 to 17 in pre-market trading Wednesday, following a loss of 5/8 in Tuesday trading. The stock is now 60 percent below the value before its first earnings warning.

The company's statement did not give a new earnings range in the second half, but said that problems with its sales force and customer support would continue into the second half of the year.

"While there is a need for a significant downward adjustment to current second-half expectations, we are convinced that the fourth quarter will show that the issues are yielding to our corrective actions," said a statement from Paul Allaire .....


Anyone know what corrective actions Paul Allaire is talking about? I hope it's not a series of meetings.

Unfortunately, it looks like there's going to be more buying opportunties in the near future. I think I'll wait until Paul tells us about the corrective actions!

Bruno the meateater

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