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Xerox (XRX) Stock Drops on Government Healthcare Business Charge

NEW YORK (TheStreet) -- Shares of Xerox (XRX - Get Report) are down by 0.76% to $10.38 in mid-morning trading on Tuesday, after the company announced that it expects to take a third quarter charge of $240 million, related to the incomplete implementation of its government healthcare business.

The Norwalk, CT-based company will probably not be able to fully complete the implementation of its Health Enterprise Medicaid platform in California and Montana, Xerox said.

"Today's announcement builds on the change in strategy from last quarter. We are taking additional steps to improve our financial performance and significantly reduce the volatility of our results going forward," CEO Ursula Burns said in a statement.

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The decision came after discussions took place with clients in those states regarding the status and scope of its current platform projects.

Despite the decision, the company said that it will continue to process Medicaid claims in those...