Stock Market Today, June 30: QXO Falls After TopBuild Merger-Election Results Show Most Shareholders Opt for Cash

QXO(NYSE:QXO), a roofing and building products distributor, closed at $17.28, down 3.03%. Merger-election results for TopBuild showed most shareholders choosing cash, and investors are watching the expected July 1 close.
Trading volume reached 87.3 million shares, more than five times the three-month average of 16.3 million shares. QXO IPO'd in 2012 and has fallen 28% since going public.

How the markets moved today

The S&P 500(SNPINDEX:^GSPC) rose 0.79% to 7,499, while the Nasdaq Composite(NASDAQINDEX:^IXIC) gained 1.52% to 26,214. Among building-products distribution and roofing, waterproofing and complementary construction materials peers, Builders FirstSource(NYSE:BLDR) fell 1.16% to $89.46.

What this means for investors

Entrepreneur Brad Jacobs founded QXO to unify the $800 billion building products distribution sector while utilizing technology to boost efficiency. Jacobs also established other successful ventures, such as XPO Logistics(NYSE:XPO) , a transportation and logistics firm, and United Rentals(NYSE:URI), an equipment rental company.

Merger-election results were just announced for QXO’s latest acquisition, TopBuild (NYSE:BLD), with shareholders of both companies overwhelmingly approving all proposals required for QXO to complete its acquisition of TopBuild. That is now expected to occur on July 1.

Yet 91% of TopBuild stockholders elected to receive the cash consideration, with just 9% either opting for QXO stock or not delivering a valid election, which will result in the stock consideration.

That led to a decline in QXO shares today, though long-term shareholders should focus on how the company integrates the business and whether its expansion in scale will boost QXO’s reach in the sector.

Should you buy stock in QXO right now?

Before you buy stock in QXO, consider this:

The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and QXO wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.

Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $397,890!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,196,664!*

Now, it’s worth noting Stock Advisor’s total average return is 902% — a market-crushing outperformance compared to 207% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.

See the 10 stocks »

*Stock Advisor returns as of June 30, 2026.

Howard Smith has positions in QXO. The Motley Fool has positions in and recommends QXO and TopBuild. The Motley Fool recommends XPO. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.