When is a start-up not a start-up from a stock market perspective?

When it’s GXO Logistics, which spun off from XPO Logistics in August and just posted its first quarterly results as an independent company.

Afterwards, the analysts duly dialled in to chat with management and seemed mainly interested in labour shortages and margins, or the lack of them.

Management initially side-stepped questions on both topics but eventually relented after one analyst plumbed new depths of business speak by demanding (and I’m not ...

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