Xerox, Pitney: Office Equipment Losers
NEW YORK (TheStreet) -- One of Monday's biggest sector losers has been the electronic office equipment group.
Presstek (PRST) stock was lower by 3.1% to $1.89, nearing its 52-week low of $1.55. In the third quarter, the digital solutions provider posted an operating loss of about $1.3 million, compared with a loss of about $6.1 million the same time last year. The company continued to see "sluggish" sales in this year's third quarter due to declines in its traditional, consumables and service businesses.
Xerox (XRX) shares have been falling 2.9% to $11.42. Over the past year, the stock has traded at a high of $11.96 and low of $7.64 as the company's business process outsourcing and information technology services unit Affiliated Computer Services aims to expand its Medicaid business to the exchanges or online marketplaces mandated by the federal healthcare reform. The office equipment provider's ACS unit recently became one of the largest providers of customer care services to the pharmaceutical, biotech and healthcare industries through the acquisition of TMS Health from private equity firm Palm Beach Capital. According to the Wall Street Journal, National Semiconductor (NSM) is currently conducting a healthcare dependent audit through ACS.
Pitney Bowes (PBI) has fallen 1.8% to $22.05. The mail processing equipment provider says that a number of its smaller customers still have uncertain economic outlooks. However, Pitney has seen a pick-up in demand from larger U.S. enterprise customers, reflected by increased mail volumes processed by Pitney's mail services business and improved demand for its software solutions and equipment products. During the third quarter, Pitney's earnings declined 14%, but surpassed Wall Street estimates on an adjusted-basis.Computerized manufacturing systems provider Gerber Scientific (GRB) shares were falling 4.1% to $7.09, also helping to drag down the group. Over the past 12 months, the stock has reached a high of $8.03 and a low of $4.64. >>Search for Highest Dividends by Rate or Yield
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