Xerox and 2 Stocks Leading S&P 500 Losers
The S&P 500 (NYSEARCA:SPY) is down today by 0.15% and stands at 1,313. Here are three notable stocks that are experiencing the largest declines today.
Xerox (NYSE:XRX): Ouch. Q4 results were in line with expectations, but Q1 2012 is supposed to be affected by servicing business costs. Specifically, CEO Ursula Burns says servicing new businesses “put near-term pressure on gross margins as Xerox makes initial investments to implement new contracts.” The market response has been brutal. XRX shares recently traded at $7.83, down $0.84, or 9.69%. They have traded in a 52-week range of $6.55 to $11.50. Volume today was 30,986,589 shares versus a 3-month average volume of 11,136,400 shares. The company’s trailing P/E is 10.56, while trailing earnings are $0.74 per share.
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Corning (NYSE:GLF): Earnings have come in for Corning, and it isn’t pretty: sales are down 9% quarter over quarter. Corning has been hurt by the steep drop in the price of glass, with now growth in the core display glass business and no end in sight. GLF shares recently traded at $46.32, down $0.62, or 1.32%. They have traded in a 52-week range of $32.34 to $49.95. Volume today was 82,718 shares versus a 3-month average volume of 149,882 shares. The company’s trailing P/E is 28.95, while trailing earnings are $1.60 per share.
TE Connectivity Inc. (NYSE:TEL): Both earnings and guidance from TE Connectivity were negative, and the company said FQ2 would look like FQ1. TE has been experiencing lower demand across their product line. TEL shares recently traded at $32.78, down $2.93, or 8.2%. They have traded in a 52-week range of $26.58 to $38.59. Volume today was 5,429,675 shares versus a 3-month average volume of 2,686,640 shares. The company’s trailing P/E is 11.65, while trailing earnings are $2.81 per share.
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