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The Best And Worst Channel Company Stocks In The Third Quarter Of 2019

Sixteen of the 27 publicly held channel companies on our watch list saw the price of their stock price increase in the third quarter of 2019 – many by double-digit amounts. Take a look at whose shares recorded the biggest gains and losses.

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Conduent

CEO: Cliff Skelton

June 28, 2019 Close: $9.59

Sept. 30, 2019 Close: $6.22

Change: -35.14%

It has been a turbulent 2019 for Conduent, No. 17 on the CRN Solution Provider 500. The company has been involved in a public spat with activist investor Carl Icahn over representation on Conduent’s board.

In May CEO Ashok Vemuri announced that he was stepping down from the job after the company reported disappointing first-quarter results, including a 39 percent drop in new business signings and the loss of a $140 million contract with the state of California.

On August 7, Conduent named Cliff Skelton, who was hired in May as the company’s president and chief operating officer, to serve as interim CEO. But the company also said it had suspended “for the immediate future” its search for a permanent replacement CEO.

On Aug. 14, while reporting second-quarter earnings, Skelton said the company was mulling such options as additional divestitures or a possible sale of the entire company.

For the first half of 2019 (ended June 30) Conduent reported revenue of $2.27 billion, down 19 percent from $2.81 billion in the first half of 2018. For the six-month period Conduent reported a $1.34 billion net loss compared to a $39 million net loss one year before.

 
 
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