For those still following XPO, they purchased ConWay Freight for 30%+ over market value. The market doesn’t appear to like the deal as XPO is down about 11% as I write this. Would be interested to hear any thoughts.
Hi AJ, As I wrote some time back, I bought XPO some time back as a great story stock, with all the success Jacobs had in the past. After they bought Norbert some months back, I felt that they were now big enough that they would start getting valued as a real company (you know, with earnings, PE ratios, cash flow, that sort of thing) and going along losing money wasn’t going to keep cutting it. They had been as high as $50.50 and I sold a little later at $48.00. I guess I was correct as they are now at $29.75. (That’s the same thing that happened to the 3D printing stocks, WPRT, and all the rest. People started asking “Where’s the profits?” (for those who like old slang: Where’s the bacon?))
Best
Saul
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