Why Chewy Stock Plunged 24% Last Month
Shares of pet e-commerce company (NYSE: CHWY) plunged 23.9% in September, according to data provided by S&P Global Market Intelligence. And while there wasn't any one thing driving its steady slide during the month, there were a few contributing factors.
For starters, the S 500 was down almost 5% in September, which is a substantial drop from a single month. For this reason, many stocks were down, including Chewy.
Additionally, investors appear to be thinking about the economy in general. According to The Conference Board's latest report on Sept. 26, consumer confidence is falling, and consumers say their current financial situations are getting worse. That's potentially bad news for a business like Chewy, which relies on discretionary purchases.
Source Fool.com
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