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XEROX STOCK DROPS ON PROFIT REPORT

Xerox Corp. today reported a disappointing 6 percent gain in third-quarter profits on slack sales of black-and-white copiers despite heavy investment in new sales efforts.

The news pushed Xerox stock down nearly 18 percent in early trading on the New York Stock Exchange.

Xerox earned $250 million, or 71 cents per share, on revenue of $4.16 billion in the quarter ended Sept. 30. A year earlier the company earned $236 million, or 68 cents per share, on revenues of $4.01 billion.

Analysts had been forecasting an 82-cent per share profit.

Xerox stock was down $9 per share at $48 in late afternoon trading.

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