Why Chewy Is Falling Again Today
Shares of Chewy (NYSE: CHWY) continued to fall on Thursday morning, dropping 3.1% as of 10:36 a.m. ET, as the broader market itself adjusts to the likelihood of an official recession being declared in the months ahead. The S&P 500 was trading 1% lower.
The retail sector had wildly divergent results this week, with Walmart reporting surprisingly good earnings as even wealthy shoppers were buying groceries at its stores, while Target says its customers are being slammed by inflation.
Walmart's stock had jumped 6.5% on its report, but Target's stock cratered over 13%, and Chewy's has fallen in sympathy with the latter.
Source Fool.com
