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PetSmart Inc. (PETM) Dropped Sharply Following Downgrade

Nomura downgraded its rating on shares of PetSmart Inc. (PETM: Quote) Monday morning to "Reduce" from "Neutral."

PetSmart gapped open lower Monday and declined throughout the first 2 hours of trade. The stock finished with a loss of 6.35 at $63.64, with volume at nearly a 4-month high. PetSmart sank to nearly a 7-month low and fell below its 50 and 200-day moving averages.

by RTT Staff Writer

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