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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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DXC Technology

CEO: Mike Salvino

June 28, 2019 Close: $55.15

Sept. 30, 2019 Close: $29.50

Change: -46.51%

On Sept. 11, 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. Lawrie is staying on as chairman through the end of the year.

Hewlett Packard Enterprise is paying DXC $666 million to settle an “accounting dispute” stemming from the 2017 spin-in merger between Computer Sciences Corp. and HPE’s Enterprise Services unit that created DXC.

For its fiscal 2020 first quarter (ended June 30), DXC reported revenue of $4.89 billion, down 7.4 percent from $5.28 billion in the first quarter of fiscal 2019. Net income for the quarter was $168 million, down nearly 37 percent from $266 million one year before.

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