Why Shares of XPO Logistics Are Higher Today
Shares of XPO Logistics (NYSE: XPO) gained 9.5% on Tuesday morning as investors took an optimistic view on the economy reopening and progress toward a COVID-19 vaccine. The shares gave back some of those gains as the day went on, but XPO in afternoon trading was handily beating the market.
Transport stocks have been hit hard by the pandemic, which has slowed global economies, cut supply chains, and led to weak demand for shipping services. XPO shares have been hit particularly hard due to the company's $8 billion in total debt, with the shares losing 58% of their value from Feb. 22 to March 21.
Image source: XPO Logistics.
Source Fool.com
