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Why Did QXO Stock Soar Today?

TheMotleyFool

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Brad Jacobs founded QXO (NYSE: QXO) with a vision to build the largest publicly traded distributor of building products in North America. The serial entrepreneur, who co-founded United Rentals and took multiple companies public, sought to unlock opportunity in the $800 billion building products distribution industry.

An announcement today that global asset management firm Apollo Global is leading a new $1.2 billion investment in QXO has sent shares of the company soaring. As of 11:45 a.m. ET, QXO stock was trading at the morning high, up 20.2%.

Source Fool.com

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