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PetSmart Inc. (PETM) Dropped Sharply Following Downgrade

Nomura downgraded its rating on shares of PetSmart Inc. (PETM) 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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