Why RXO Stock Soared Today
Why RXO Stock Soared Today
Overview
Shares of RXO (NYSE:RXO), the freight brokerage that was spun off from XPO in 2022, were surging today on news that C.H. Robinson (NASDAQ:CHRW) would acquire it.
Robinson, the largest freight brokerage in North America, said it would acquire RXO for a combination of cash and stock.
Details
RXO shares surged on the news, jumping 20.6% as of 10:50 a.m. ET. C.H. Robinson, on the other hand, was down sharply, losing 14.6% at the same time, a sign that investors thought the acquisition was a poor use of capital.
Source
Originally published at www.fool.com.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.