R - XPO Logistics Taking A One-Two Punch Of Slowing Macro And Persistent Business Quality Questions
When I last wrote on XPO Logistics (XPO) roughly a year ago, I wasn't all that interested in the shares due to what I thought was an overheated valuation. Little did I expect the chaos that would ensue, including a large M&A transaction that never happened, the loss of a significant chunk of business from Amazon (AMZN), significant high-level executive turnover, multiple EBITDA misses, and persistent questions regarding the company's working capital management and intrinsic growth capacity.
Although I still like XPO's less-than-truckload ((LTL)) trucking operations and I believe the contract