DXC Technology’s stock rallies after $666 million award in dispute with Hewlett Packard Enterprise

Shares of DXC Technology Co.

DXC, +4.62%

rallied 4.8% in afternoon trading Monday, after the technology consulting company said it won a $666 million award in its dispute with Hewlett Packard Enterprise Co.

HPE, +2.46%.

Under terms of the award by an arbitration panel, the $666 million will consist of $631.8 million in damages and $34.3 million in pre-award interest. In addition, the award includes post-award interest at an annual rate of 3%, compounding quarterly, until the award is paid out. Meanwhile, Hewlett Packard Enterprise shares (HPE) rose 2.4%. DXC shares have plunged 40.9% over the past three months and HPE’s stock has declined 10.3%, while the SPDR Technology Select Sector ETF

XLK, +1.69%

has rallied 5.6% and the S&P 500

SPX, +1.33%

has tacked on 2.4%.

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