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March 10, 2020, 4:46 p.m. EDT

DXC stock surges 30% after $5 billion business-unit sale

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By Max A. Cherney

DXC Technology Inc. /zigman2/quotes/200279350/composite DXC -14.24% said late Tuesday that it planned to sell its U.S. state and local health and human services business to Veritas Capital for $5 billion in cash. DXC stock surged more than 30% in the extended session. DXC also said that it was rescinding its forecast for fiscal 2022 due to market conditions; the company had previously said it would provide fiscal 2021 targets in its May earnings call. DXC said it planned to use the cash from the sale to pay down debt. Shares of DXC closed up 5.1% during regular trading Tuesday, as the S&P 500 index /zigman2/quotes/210599714/realtime SPX +0.48% rose 4.9%.

/zigman2/quotes/200279350/composite
US : U.S.: NYSE
$ 14.21
-2.36 -14.24%
Volume: 29.84M
May 29, 2020 3:59p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$3.61 billion
Rev. per Employee
$145,113
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/zigman2/quotes/210599714/realtime
US : S&P US
3,044.31
+14.58 +0.48%
Volume: 4.38B
May 29, 2020 5:14p
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