Chewy Surges on Profit Beat, Buyback Plan, Recovery Comments
- Stock gains as much as 23% for biggest jump in a year
- Stock buyback of $500 million will be started this quarter
Photographer: Daniel Acker/Bloomberg
This article is for subscribers only.
Chewy Inc. shares rallied after earnings eclipsed estimates, the company announced its first buyback program and said the pet industry is showing signs of recovery.
The stock surged as much as 23% to $20.87, the biggest intraday jump in a year. Before today, it had lost 28% this year.