Whopping $50bn FedEx Freight? Or?
Running the numbers
That was quick: less than 24 hours after New York-based Spruce Point Capital issued a bearish research note – according to which XPO Logistics, under a worst-case scenario, could have a “terminal price target of zero” – the company led by chief executive Brad Jacobs announced it would buy back up to $1bn of its own stock. That equates to 17.7% of its market cap based on Thursday’s close, when the shares plummeted almost 27%. In pre-market, XPO is up 7%.
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