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Solution Provider, Distributor Stock Winners And Losers In Q1

All but three of the 25 publicly held solution provider companies on our watch list saw the price of their stock price tumble in the first quarter of 2020—many by double-digit amounts. Take a look at whose shares managed to hold their value and which ones took the biggest losses.

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DXC Technology

CEO: Mike Salvino

Dec. 31, 2019 Close: $37.59

March 31, 2020 Close: $13.05

Change: -65.28%

On Sept. 11, 2019, DXC Technology announced that Mike Lawrie was retiring as CEO and president of the company, effective immediately, and named former Accenture executive Mike Salvino as the company’s new president and CEO.

On March 10 DXC struck a deal to sell its U.S. state and local health and human services business to Veritas Capital for $5.0 billion. DXC will use the proceeds to pay down debt.

For the first nine months ended Dec. 31 of its fiscal 2020, DXC reported revenue of $14.76 billion, down 4.6 percent from $15.47 billion in the first nine months of fiscal 2019. For the nine-month period DXC reported a loss of $1.87 billion compared with net income of $983 million in the same period one year before.

DXC Technology’s market capitalization cratered 65.58 percent in the March quarter, cutting the company’s market value by almost two-thirds to $3.31 billion.

 
 
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