Jersey Mike's IPO Filing; Honeywell to Divest PSS; QXO to Buy TopBuild

Today's biggest winners and losers in the stock market.

On this episode of Stock Movers:

- Jersey Mike’s Subs, the sandwich chain with more than 3,000 locations, submitted a confidential filing with the US Securities and Exchange Commission for its initial public offering. The Blackstone Inc.-backed (BX) company said in a statement that the number of shares to be offered and the price range for the proposed offering have not yet been determined. The company is working with Morgan Stanley, JPMorgan Chase & Co., and Jefferies Financial Group Inc. and seeking to complete a first-time share sale as soon as the third quarter of this year, Bloomberg News has reported. Jersey Mike’s is seeking a valuation of at least $12 billion and the IPO is anticipated to raise more than $1 billion, people familiar said at the time.

- Honeywell International Inc. (HON) agreed to divest its productivity solutions and services business to industrial manufacturer Brady Corp., the latest move by Honeywell to reshape its portfolio as it pursues a multipart breakup. Brady will pay $1.4 billion in cash for the business, according to a statement Monday that confirmed an earlier report by Bloomberg News. The deal is expected to be completed in the second half of this year. Honeywell’s productivity solutions and services business, known as PSS, is a provider of mobile computers, barcode scanners and printing solutions for the logistics market and had about $1.1 billion in revenue in 2025.

- QXO Inc. (QXO) said it’s acquiring insulation company TopBuild Corp. (BLD) for about $17 billion, making QXO the second-largest publicly traded building products distributor in North America. QXO’s offer values TopBuild at $505 per share, a 23% premium to the stock’s closing price of $410.31 on Friday. QXO plans to pay up to a cap of 45% of the aggregate transaction value in cash and offer up to 20.2 shares of its common stock for the remainder. The transaction, which is expected to close in the third quarter of 2026, would follow QXO’s acquisitions of Beacon Roofing Supply Inc. in 2025 and Kodiak Building Partners this year.

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