Xerox Is Still Looking For Wall Street's Respect

It's betting that new Net technologies could do the trick

Xerox Corp. spent most of the '90s reinventing its businesses, switching from the old light-lens copying machines to ones that moved information in bits and bytes. The digital revolution was well under way when Xerox directors charged Richard Thoman with transforming the company into a high-tech thoroughbred. But it hasn't worked out that way. Instead, since he became chief executive in April, 1999, Xerox has lost $20 billion in stock market value. And the old accusation--that Xerox helped usher in the computer age without profiting from it--remains firmly stuck on the Stamford (Conn.) company.

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