CHWY - Why Chewy Shares Rocketed Higher Today
2024-05-29 13:03:26 ET
Shares of pet supply e-commerce platform Chewy (NYSE: CHWY) were rising on Wednesday, trading up 27% as of 11 a.m. ET.
The company reported earnings this morning that came in well ahead of expectations, while also announcing a new share repurchase program. Investors liked what they heard, sending shares rocketing higher. But they also might want to be cautious about further gains from here.
For context, Chewy's stock had been down about 28% year to date before earnings, so this pop was really just the company getting back to even for the year. The consumer pet-care industry has been struggling because adoption rates have slowed from the pandemic levels, and high interest rates are denting consumer spending.
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Why Chewy Shares Rocketed Higher Today