Companies across the freight industry have announced another wave of layoffs, with over 600 workers in four states losing their jobs.
Brad Jacobs’ QXO is ready to begin acquisitions with a war chest of $5 billion in hand after two big deals.
In this edition: Coyote finds another home, and another firm closes its doors.
RXO shares are soaring Monday on news of its acquisition of Coyote Logistics from UPS.
C.H. Robinson has had its debt rating downgraded by S&P Global.
RXO looked to various metrics to push a message that things are getting better at the 3PL.
More than 1,300 layoffs hit freight-related companies in Texas, Florida, Illinois, Michigan and Georgia over the past two weeks.
Moody’s held its investment-grade debt rating of RXO, but its outlook was shifted to negative.
RXO’s fourth quarter was slightly better than the third, but overall, the 3PL had its challenges last year.
On Wednesday, FreightWaves hosted the Domestic Supply Chain Summit, a virtual event with RXO Chief Strategy Officer Jared Weisfeld as the keynote speaker. The interview, conducted by enterprise trucking carrier expert Thomas Wasson, included an outlook for 2024 and highlighted the biggest supply chain challenges and opportunities.
Pace of carrier exits needs to speed up to achieve economic balance in the truckload sector, according to RXO Chief Strategy Officer Jared Weisfeld.
XPO founder Brad Jacobs is acquiring SilverSun Technologies as a platform to make acquisitions in a yet-to-be-announced industry.
Truck brokerage RXO beat third-quarter estimates Tuesday and said it will continue to expand its platform and take market share on the downside of the cycle.
Brad Jacobs, who founded XPO and its spinoffs, didn’t provide any details on what his next venture is going to focus on.
C.H. Robinson CEO Dave Bozeman focused on process and costs when meeting with analysts at the TD Cowen conference Thursday.
RXO was flat between the first and second quarters, and that proved to be a turnoff for investors in the 3PL.
TriumphPay dealt with the same weak conditions as other trucking-focused companies in the second quarter, but one key measure was stronger.
Odyssey Logistics got an increase in its outlook from Moody’s, a change from earlier ratings agency actions on 3PLs.
3PL RXO has had its outlook dropped to stable by S&P, but its debt rating held steady.
Broker RXO said it was continuing to execute on longer-term goals even as the freight market awaits the next catalyst.
