On Friday, XPO Logistics surged most in a year. This comes after the previous day’s sharp drop in its stock price.
On Thursday, XPO shares lost -26% after short-seller Spruce Point Capital Management expressed concerns over the transportation & logistics operator’s “unreliable and dubious financials” , and also was apprehensive of the company’s large debt.
But the decline was partly offset by Friday’s solid jump in XPO stock price. Deutsche Bank on Friday said it found Spruce Point’s report to contain “highly misleading statements and inaccuracies related to basic calculations” . Furthermore, XPO authorized stock buyback of up to $1 billion. These developments helped XPO shares to climb +13% to $50.17 at 11:09 a.m. Friday in New York.