NEW YORK (TheStreet) -- XeroxCorp.  (XRX) - Get Report stock is down by 0.65% to $9.15 in after-hours trading on Thursday, after a report said the company is planning to split in two. 

Xerox will separate its hardware business and its services business, sources told the Wall Street Journal. 

As part of the deal, activist investor Carl Icahn will receive three board seats, according to the Journal. Last year, Icahn took a stake in Xerox and said he intended to discuss operational improvements and strategic alternatives with the company's board.

The company reports its earnings results before the market open on Friday.

Based in Norwalk, CT, Xerox offers business process and document management services.

Separately, recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

TheStreet Ratings rates this stock as a "hold" with a ratings score of C. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and weak operating cash flow.

You can view the full analysis from the report here: XRX

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