Why QXO, Inc. Fell Over 20% in July
The building materials distribution platform declined after closing a major acquisition, while interest rates and oil prices rose.
Overview
Shares of QXO, Inc. (NYSE: QXO) fell 23% in July, according to data from S&P Global Market Intelligence.
QXO didn't report earnings during the month, but it did close on the acquisition of TopBuild on July 1.
Details
QXO is executing a roll-up strategy to consolidate the building-products distribution business under CEO Brad Jacobs and his team, so acquisitions are a core part of QXO's game plan. Yet while TopBuild could very well build value for QXO, it appears investors may have had some trepidation about the purchase, which is QXO's biggest acquisition to date.
Source
Originally published at www.fool.com.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.