Why Shares of XPO Logistics Are Falling Today
Shares of XPO Logistics (NYSE: XPO) fell more than 20% at the open on Thursday and were trading down more than 12% midmorning as fear grows that the COVID-19 coronavirus pandemic will significantly impact domestic and international shipping volumes.
President Donald Trump, in an Oval Office address to the nation on Wednesday night, announced a series of new travel restrictions related to the novel coronavirus, including a mention of limiting cargo shipments as well.
That mention appears to have been an error, with Trump on Twitter late Wednesday clarifying the restrictions are on people, not goods. But the dire tone of the speech spooked markets on Thursday morning, and sent shares of shipping companies like XPO tumbling.
Source Fool.com
