Why RXO Stock Soared Today
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. 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. Continue reading