Path to recovery
We recommend the purchase of Xerox Corp. (XRX @$7.54). XRX
is engaged in the global document market, providing
document solutions that enhance business productivity,
including digital publishing, printing and copying
equipment, and light-lens copiers and duplicators. For the
nine months ended 9/30/02, total revenues fell 8% to $11.6
billion. Net income before accounting change applicable to
Common rose 6% to $89 million. We estimate XRX will earn
$.20 per share on revenue of $15.8 billion this year and
$.55 per share next year. Institutions had a net purchase
of 41 million in recent quarter, and 4 insiders had net 4
net purchase transactions. XRX had 700% and 150% positive
earnings surprises in the last two quarters.
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huangcapital.com
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