Why C.H Robinson Stock Was Tumbling Today
Shares of C.H. Robinson (NASDAQ:CHRW) were taking a dive today after North America's largest freight brokerage said it would acquire RXO (NYSE:RXO) in a stock-and-cash transaction for $5.8 billion, including debt. However, investors gave the deal a clear thumbs-down, showing they either thought Robinson was overpaying for RXO or they didn't like the acquisition at any price. As of 1:37 p.m. ET, C.H. Robinson stock was down 12.7% on the news, while RXO had gained 21.9%. Continue reading