TopBuild Corp (NYSE:BLD) is surging 16.2% to trade at $478.11 this morning, after roofing products producer QXO Inc (NYSE:QXO) bought the insulation name for $17 billion. QXO is down 6.8% to trade at $23.33 in response.
BLD now sports a 15.1% year-to-date gain and is headed for its best single-session pop since April 2020. Today's surge has the shares overtaking their 120-day moving average for the first time since February. QXO, meanwhile, is up 19% on the year and on Friday closed at its highest level since late February.
Options traders are eyeing QXO in response. In just the first hour of trading, over 6,200 calls have changed hands, volume that's four times the average intraday amount. The weekly 4/24 23.50 calls are the most popular.
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