Why XPO Logistics Stock Tumbled 34.1% in March but Is Rising in April
Shares in XPO Logistics (NYSE: XPO) swung wildly in the month of March, shedding 34.1% of their value, according to data provided by S&P Global Market Intelligence.
The stock, however, could have fared much worse had it not reversed course later in the month: XPO gained nearly 20% between March 20 and the end of the month. The stock has already gained another 6% this month, as of this writing. So what's with the roller-coaster ride?
The COVID-19 pandemic clobbered the entire transportation sector in March, from shipping stocks to trucking, auto, airlines, and railroad companies, as global lockdowns hit movement of people and goods and stalled activity in trade and commerce. As one of the largest freight and logistics companies and the leading last-mile delivery provider in North America, XPO was bound to feel the pinch.
Source Fool.com
