Apollo to invest $1.2 billion in QXO; shares rise

Shares of building products distributor QXO QXO.N rise nearly 8.8% to about $21.5 premarket

Apollo Global Management agrees to invest $1.2 billion to pursue acquisition opportunities through July 15, 2026 - QXO

QXO issues perpetual convertible preferred stock with 4.75% annual dividend, convertible into common shares at $23.25 per share

Average of 16 analysts rate the stock "buy" or higher, their median PT is $30, according to data compiled by LSEG

As of last close, shares up 2.2% YTD