Why XPO Logistics, Westport Fuel Systems, and Party City Holdco Jumped Today
The stock market was largely flat on Friday, finishing a momentous week and moving into the final days of 2017. Major benchmarks were little changed, and a big decline in the price of bitcoin and the ongoing assessment of the just-passed tax reform package captured many investors' attention. Yet some companies enjoyed favorable tailwinds that sent their share prices moving substantially higher. XPO Logistics (NYSE: XPO), Westport Fuel Systems (NASDAQ: WPRT), and Party City Holdco (NYSE: PRTY) were among the best performers on the day. Below, we'll look more closely at these stocks to tell you why they did so well.
Shares of XPO Logistics jumped 14% during the afternoon hours after reports surfaced that home improvement retailer Home Depot (NYSE: HD) might consider buying the freight company. The reports suggest that Home Depot has discussed the idea internally, potentially seeing it as a defensive play to keep e-commerce rivals from seeking to take greater control of the shipment and logistics infrastructure industry. XPO gets a substantial amount of its business from e-commerce, and at this time of the year, investors tend to pay attention to the role that shipments play in retail. A Home Depot purchase could signal a big shift in the home-improvement giant's plans, with a potentially greater emphasis on delivery versus in-store pickup and other options for shoppers.
Image source: XPO Logistics.
Source: Fool.com