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Shares tumble 20 percent

Tuesday, Dec. 5, 2000 | 11:10 a.m.

THE ASSOCIATED PRESS

STAMFORD, Conn. -- Xerox Corp. shares fell 20 percent Monday, dropping to the lowest level in more than 18 years, on concern the cash crunch at the world's largest copier company may push it toward bankruptcy.

The shares fell $1.25 to $5. That's the lowest since August 1982. The shares have dropped 78 percent since the start of the year, erasing about $12.8 billion from Xerox's market value.

"It's apparent that the market is factoring in the fact that bankruptcy is in the realm of possibility," said Win Murray, an analyst with Boston-based Liberty Funds Group, which sold its Xerox shares several months ago.

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