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Strength Seen in RXO (RXO): Can Its 23.0% Jump Turn into More Strength?
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RXO (RXO - Free Report) shares ended the last trading session 23% higher at $24.85. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 0.6% loss over the past four weeks.
The uptick followed an agreement to purchase Coyote Logistics from United Parcel Service (UPS - Free Report) ) for $1.025 billion. Coyote Logistics is the freight-brokerage business of UPS. RXO’s board of directors has approved the transaction, which is expected to close by the end of 2024. The deal, on materialization, would create the third-largest provider of brokered transportation in North America – a scaled industry leader.
This transportation services provider is expected to post quarterly earnings of $0.03 per share in its upcoming report, which represents a year-over-year change of -62.5%. Revenues are expected to be $949.34 million, down 1.4% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For RXO, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on RXO going forward to see if this recent jump can turn into more strength down the road.
RXO is part of the Zacks Transportation - Services industry. Global Business Travel Group, Inc. (GBTG - Free Report) , another stock in the same industry, closed the last trading session 1.7% lower at $6.49. GBTG has returned 13.2% in the past month.
For Global Business Travel Group, Inc., the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.03. This represents a change of +87% from what the company reported a year ago. Global Business Travel Group, Inc. currently has a Zacks Rank of #4 (Sell).
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Strength Seen in RXO (RXO): Can Its 23.0% Jump Turn into More Strength?
RXO (RXO - Free Report) shares ended the last trading session 23% higher at $24.85. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 0.6% loss over the past four weeks.
The uptick followed an agreement to purchase Coyote Logistics from United Parcel Service (UPS - Free Report) ) for $1.025 billion. Coyote Logistics is the freight-brokerage business of UPS. RXO’s board of directors has approved the transaction, which is expected to close by the end of 2024. The deal, on materialization, would create the third-largest provider of brokered transportation in North America – a scaled industry leader.
This transportation services provider is expected to post quarterly earnings of $0.03 per share in its upcoming report, which represents a year-over-year change of -62.5%. Revenues are expected to be $949.34 million, down 1.4% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For RXO, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on RXO going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
RXO is part of the Zacks Transportation - Services industry. Global Business Travel Group, Inc. (GBTG - Free Report) , another stock in the same industry, closed the last trading session 1.7% lower at $6.49. GBTG has returned 13.2% in the past month.
For Global Business Travel Group, Inc., the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.03. This represents a change of +87% from what the company reported a year ago. Global Business Travel Group, Inc. currently has a Zacks Rank of #4 (Sell).