Why Trupanion Stock Was Down 10% on Thursday
The share price for Trupanion (NASDAQ: TRUP) finished the day down 10% on Thursday. It had been down as much as 10.5% at around 2:30 p.m. ET. Year to date, the stock price is down roughly 64% to $47.17.
The major indexes were down slightly on Thursday with the Dow Jones Industrial Average dropping 91 points (0.3%), the S&P 500 falling 30 points (0.8%), and the Nasdaq off 66 points (0.6%).
Trupanion, a pet insurer, took a hit today due to a major deal within its industry that investors viewed negatively. Chewy, an online retailer for pet products, announced a partnership with pet insurance provider and Trupanion competitor, Lemonade. Through this partnership, Chewy will expand its suite of pet insurance and wellness offerings with new plans provided by Lemonade pet health insurance. This will enable Chewy customers to create customized plans to meet their pet insurance needs.
Source Fool.com
