Why Chewy Was a Shaggy Dog of a Stock on Friday

A significant shareholding is being unloaded to the public. Many investors were unwilling to take a bite of Chewy (CHWY -4.34%) on the last trading day of the week. The next-generation pet care supplies company saw its stock price erode by more than 4% on news of a largescale divestment by its largest shareholder. Chewy's decline on the day was far more pronounced than that of the bellwether S&P 500 index, which slid by only 0.2%. A big sale at a discount After market close on Thursday, Chewy announced that ...