Here's Why GXO Logistics Shares Slumped (Hint: It's Amazon Related)
These types of enterprise customers are exactly those that GXO courts with multi-year contract logistics contracts, as they (customers) look to outsource logistics capability. The launch of Amazon.com's (NASDAQ: AMZN) Amazon Supply Chain Services (ASCS) has sent shockwaves through the transportation sector, including companies like UPS and GXO Logistics (NYSE: GXO), with the latter's shares declining by almost 13% by 1:30 p.m today. What happened to GXO Logistics Amazon's announcement of ASCS reads across a ...