Xerox Surrenders Two Months Of Gains After Q1 Report

Xerox Corp XRX shares are trading lower by $1.44 (13 percent) in Monday's session. The catalyst for the sharp decline is a Q1 EPS miss of a penny with a slight beat for revenue. The affirmation of FY 2016 guidance has been no comfort to investors.

After a lower open, it only managed a $0.04 bounce to $10.68 before the sell off continued. So far, it has taken the issue to $9.65 and is attempting to recover.

It has almost erased two months of gains, that took the issue from its February 26 low of $9.59 to $11.39 last Tuesday. Before today's retreat, it had three consecutive days of nearly matching ranges ($11.12-$11.28), which was resolved to the downside following the report.