Chewy Shares Fall Sharply On Q2 Results, But Options Traders See Rebound Coming
Portfolio Pulse from Lisa Levin
Chewy (NYSE:CHWY) shares fell sharply after the company reported Q2 financial results, with net sales of $2.78 billion, up 14.3% YoY, beating a Street consensus estimate of $2.76 billion. The company also reported earnings per share of 15 cents, beating a Street consensus estimate of a loss of 5 cents per share. Despite the fall, options traders predict a rebound by the end of next week.
September 01, 2023 | 1:05 pm
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NEUTRAL IMPACT
Chewy's shares fell sharply after Q2 results but are expected to rebound by the end of next week. The company reported better than expected Q2 net sales and earnings per share.
Despite the initial negative reaction to Chewy's Q2 results, the company's better than expected net sales and earnings per share, along with predictions of a rebound by options traders, suggest a potential recovery in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100