Shares of leading online pet care retailer (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.
Source Fool.com