Kuehne + Nagel and Panalpina have drawn my attention again, following the release of their quarterly results last month: partly because their share prices rallied hard – for no obvious reason, based on fundamentals – since the updates hit the wires.

The larger Swiss forwarder, K+N, saw its quarterly cash flow deteriorate, and although its financial wherewithal is second to none in the freight forwarding industry, earnings erosion will likely dictate its next corporate move.

The same applies to Panalpina.

Fleeing risk

The surge in ...

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