2024-08-02 14:28:00 ET
Shares of leading online pet care retailer Chewy (NYSE: CHWY) dropped 4% as of 1 p.m. EDT on Friday, according to data provided by S&P Global Market Intelligence . Since July 16, Chewy's shares have slid 19%.
While nothing specifically changed with Chewy's operations to cause this drop, a number of external factors seem to be weighing on the company's share price.
The primary culprit for today's decline seems to be Chewy trading in sympathy with Amazon , which missed analysts' sales expectations in the second quarter and guided for weaker-than-expected revenue in the next. Citing a more cautious and deal-focused consumer as the cause of this decline, the world's largest online retailer extended an earnings season where a multitude of consumer-facing businesses have noted tightening spending from customers.
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Why Chewy Stock Dropped Today