Morgan Stanley Block Sale Sends Chewy (CHWY) Stock Down

Chewy (NYSE:CHWY) stock is falling on Wednesday after Morgan Stanely (NYSE:MS) initiated a block sale of the company’s shares.This has the block sale including 12.3 million shares of CHWY stock that are being resold by Morgan Stanley for between $20.45 per share and $20.85 per share. That’s worth highlighting as the price of shares in the block sale is a discount from its prior closing price.A block sale occurs when a large chunk of a company’s shares are sold all at once. Stock exchanges typically consider ...