Shares of Conduent (NYSE: CNDT) traded up more than 15% on Thursday after the business services firm released third-quarter results and updated investors on its strategic review. The quarter was fine, but the shares are rallying on the company's pledge to overhaul the business.
It has been a rough year for Conduent shareholders, with shares of the outsourcing specialist plunging after both first- and second-quarter results and down about 50% year to date heading into earnings. CEO Ashok Vemuri, who guided the company through its 2017 spinoff from Xerox Holdings, stepped down in May amid a battle with activist investor Carl Icahn.
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