QXO Falls, Compass Pathways Rises, Fermi Plunges
Stock Movers20 Apr

QXO Falls, Compass Pathways Rises, Fermi Plunges

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

On this episode of Stock Movers:

- QXO (QXO) shares fell nearly 9% after the company said it will acquire TopBuild Corp. for approximately $17 billion to create the second-largest publicly traded building products distributor in North America. Analysts are broadly positive on the deal, though some said it was unexpected.

- Compass Pathways (CMPS) saw its shares trade higher, along with other pharmaceutical businesses that have interests in psychedelic treatments after President Donald Trump signed an executive order to expedite research and access to psychedelics used outside the US to treat post-traumatic stress disorder. The order, signed in an Oval Office event on Saturday morning, directs the US Food and Drug Administration to issue new guidance to researchers on ibogaine, a psychedelic compound extracted from the iboga plant in Africa that’s used to treat depression, anxiety and PTSD for military veterans. The hallucinogen is considered a Schedule I controlled substance and is prohibited for use in the US.

- Fermi (FRMI) plunged more than 20% Monday after a management shakeup that included the abrupt departure of its chief executive officer, potentially threatening its plans to build the world’s biggest private power grid for a data-center campus. The company co-founded by former US Energy Secretary Rick Perry is developing an AI campus in Texas that would initially be powered by natural gas, with plans to add as many as four nuclear reactors. But Fermi has been dogged by challenges in recent months, including the loss of a key anchor tenant for the site.

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