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Xerox (XRX) was up 33.3% in midafternoon after it posted a first-quarter loss of 12 cents per share excluding gains from asset sales and charges. The Street expected a 28-cent loss.

The troubled office technology company said it was ahead of schedule on plans to cut costs and return to profitability this year.

Salomon Smith Barney

upgraded Xerox to outperform from neutral and said it expects upward revisions of earnings estimates soon.