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Stock Market & Financial Investment News

News Breaks
June 30, 2014
09:32 EDTPETMPetSmart sales trends slowing, says ITG Research
ITG Research's analysis indicates PetSmart's sales have slowed and long-term same-store-sales trends may remain under pressure given increased competition. The firm notes the heaviest users are shifting away and becoming Amazon Prime members at a faster rate than medium/light users.
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July 30, 2014
11:36 EDTPETMPE firms not showing much interest in PetSmart, NY Post says
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July 29, 2014
09:10 EDTPETMJANA sends letter to PetSmart urging full strategic review
JANA Partners, owner of 9.8% of PetSmart's outstanding shares, sent a letter to the company dated July 29, which read in part: "While PetSmart was once an industry leader, it has long trailed most of its peers in shareholder value creation and failed to keep pace with its competitors, and shareholders have lost confidence that it can reverse course. We have therefore called on PetSmart to conduct a full review of all strategic alternatives including a sale. While we typically work constructively with boards and focus primarily on changes that can be made while companies remain public, given PetSmartís chronic underperformance and significant private equity interest in the Company, a sale in this case very likely offers the highest risk-adjusted return for shareholders...should PetSmart fail to do so, we will not hesitate to seek significant Board change at the next annual meeting."
July 23, 2014
06:46 EDTPETMPetSmart volatility at low end of historic range
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