March 12, 2019 / 7:01 PM / 2 months ago

Xerox - yes, Xerox - leads 2019 gains in S&P tech index

The company logo for Xerox is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 11, 2019. REUTERS/Brendan McDermid

SAN FRANCISCO (Reuters) - ** Xerox Corp is leading the S&P 500 information technology index so far in 2019, boasting a gain of 57.4 pct as the printer maker plans to restructure

** Programmable chipmaker Xilinx is up 43.6 pct YTD, the second-best performer in the S&P tech index, which itself is up 15.5 pct YTD, leading the other 10 S&P sectors

** 112-year old XRX said on Mar 7 that it would become a wholly owned unit of a new holding company, with the new company trading under its current XRX ticker

** In the last two quarters, XRX topped profit estimates and undertook initiatives to streamline its business under the new management

** XRX on Tuesday was down 0.3 pct, and it is up 4.6 pct over the past 12 months. It is trading at 8.2x expected earnings, vs its 5-year average of 7.3x, according to Refinitiv

Reporting by Noel Randewich

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