What happened

XPO Logistics (XPO 4.08%) has completed its spinoff of brokerage RXO (NYSE: RXO), meaning that investors now own a share of RXO for every XPO share held. The value of the combined stocks is approximately the value of XPO pre-split, but many market-reporting tools are slow to adjust. As a result, a lot of investors are seeing XPO shares as down nearly 40% in Tuesday trading.

So what

It is a confusing day to be a holder of shares of transportation giant XPO Logistics. Before markets opened, XPO completed the spinoff of RXO and distributed shares to its current investors. With RXO now independent, the overall size of XPO has fallen. As a result, XPO shares that closed at $51.70 on Monday are trading at around $32 apiece on Tuesday.

But that fall doesn't tell the whole story. Investors also now own shares of RXO that are valued at just over $20 apiece at the time of writing. So yesterday's one share at $51.70 is equivalent to about $52 worth of XPO and RXO combined today.

Now what

The underlying XPO business shows no reason to be down dramatically. On Monday ahead of the split, XPO reported third-quarter earnings that came in ahead of expectations, and said it expects a strong fourth quarter. On a split-adjusted basis, XPO shares are up about 4% on the day.

The split continues the breakup of XPO, which shed its GXO Logistics (GXO 0.82%) shipping and fulfillment unit last year. It also marks the end of CEO Brad Jacobs' tenure after a remarkable 11-year run. Over the past decade, XPO was one of the top 10 performing stocks among Fortune 500 companies.

Investors today own a share of one of the larger less-than-truckload trucking operations, and a share of an up-and-coming tech-infused brokerage that is helping to connect truckers more efficiently to those in need of its services. Ignore the split-induced confusing one-day numbers; these are two intriguing companies to ride with over the long haul.