Why QXO Rallied This Week
Shares of QXO, Inc. (NYSE: QXO) rallied 15.6% this week through 1:35 p.m. EDT Friday, according to data from S&P Global Market Intelligence.
QXO is the building materials distribution company helmed by entrepreneur Brad Jacobs, who founded QXO in June 2024 with the strategy of acquiring building products distribution companies in order to consolidate the large and fragmented industry. It's a strategy he perfected previously in the construction equipment rental industry with United Rentals (NYSE: URI) and the logistics industry with XPO Logistics (NYSE: XPO).
This week, QXO announced its second major acquisition as part of that effort. And while acquiring companies often go down with the announcement of a significant acquisition, in this case, investors cheered the move, given that acquisitions are a central part of QXO's strategy.
Source Fool.com
