Diamonds and Dogs
3/7/13
PetSmart Inc. (PETM)PetSmart is falling today, down 6.57% at $62.18. The pet supply company saw its shares crash after releasing a weak forecast for this year. PetSmart management said that it expects to earn $3.76 to $3.92 per share for 2013. Analysts' were expecting the company to earn $3.97 per share. Furthermore, PetSmart forecast revenue growth of 2-4 percent, as where Wall Street was anticipating at least a 4 percent growth in revenue. Piper Jaffray analysts downgraded the company from overweight to neutral, and lowered their price target from $82 to $68. PetSmart is holding up above its 52-week low of $54.20.
Navistar International Corporation (NAV)
Navistar is navigating its way higher today, up 27.76% at $31.89. The commercial and military truck manufacturer saw its shares explode after news that the company named a new CEO and announced narrower losses. Navistar announced that it was promoting Troy A. Clarke to president and CEO to replace previous CEO Lewis B. Campbell. Separately, Navistar reported a first-quarter loss of $123 million, or $1.53 per share, compared with $153 million, or $2.19 per share, a year earlier. Navistar is trading near the top of its 52-week range of $18.17-$43.06.
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