Why Shares of XPO Logistics Climbed in May

XPO Logistics (NYSE: XPO) shares lost more than half of their value between mid-February and mid-March on fears the COVID-19 pandemic would cause a sustained recession and that the transport and logistics company was ill-prepared to deal with it. The pandemic has hit shipping hard, slowing global economies, cutting supply chains, and sapping demand for logistics and transport services. The company prior to the pandemic was exploring the sale of large pieces of the business with the idea of paying down some of that debt, but called off the divestiture plan in late March due to market conditions.