Why QXO Stock Shot Higher This Week
QXO (NASDAQ: QXO) is a newcomer to public markets with big plans to roll up the building products distribution industry. The company hasn't made a lot of news yet, but its impressive list of executives and backers has investors on notice.
Shares of QXO traded up as much as 23.7% this week and were up 14% as of midday Thursday, according to data provided by S&P Global Market Intelligence, as investors buy in ahead of the company making its first big move.
QXO is the latest venture from Brad Jacobs, a serial entrepreneur who previously founded and built United Waste Systems, United Rentals, and XPO Logistics. Earlier this year, Jacobs and other investors took control of software company Silversun Technologies and renamed it QXO, staking it with $5 billion to be used to acquire construction and building products distributors.
Source Fool.com
