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Chewy, Inc. CHWY shares are trading higher in response to Petco Health and Wellness Inc&#8216;s WOOF second-quarter financial results. Petco&#8217;s earnings report, which showed quarterly sales of $1.52 billion, met analyst estimates, although the company missed its earnings target with losses of nine cents per share compared to <a href="https://www.benzinga.com/news/earnings/24/09/40815911/chewy-just-overtook-the-20-day-moving-average">the expected 2 cents.</a>



What To Know: Petco's consumables and services segments showed growth, with a 1.5% and 3.1% year-over-year increase, respectively, but these gains were offset by a 4.7% decline in its supplies and companion animal business. Despite these mixed results, the market responded positively, pushing Petco stock up 7.72% during Tuesday's session, and Chewy appeared to benefit from this momentum as a peer in the pet care sector.



The surge in Petco's stock continued into Wednesday, fueled by an unexpected catalyst: the involvement of Keith Gill, known as &#8220;Roaring Kitty.&#8221; By midday, the stock had soared nearly 35% after Gill posted a cryptic message on Reddit, igniting excitement in the meme stock community.



What Else: Roaring Kitty, also famously associated with the GameStop trading frenzy, posted a cryptic image from &#8220;Toy Story,&#8221; speculated to reference Chewy stock, in which Keith Gill previously held a large position.



CHWY Price Action: Chewy shares closed 8.12% higher at $30.24 on Wednesday, according to <a href="https://pro.benzinga.com/dashboard">Benzinga pro.</a>



<figure class="wp-block-image size-large is-resized"><a href="https://benzinga.slack.com/archives/D072651PB4K/p1722883001180099"><img loading="lazy" decoding="async" width="1024" height="526" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/11152300/CHWY-1024x526.png" alt="" class="wp-image-543153" style="width:452px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/11152300/CHWY-1024x526.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/11152300/CHWY-300x154.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/11152300/CHWY-768x395.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/11152300/CHWY.png 1074w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>



See Also:



<ul>
<li><a href="https://www.benzinga.com/general/biotech/24/09/40820758/unitedhealth-follows-competitors-replaces-humira-with-lower-cost-biosimilars">UnitedHealth Follows Competitors, Replaces Humira with Lower-Cost Biosimilars</a></li>
</ul>



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Chewy, Inc. (NYSE: CHWY) shares are trading higher in response to Petco Health and Wellness Inc's (NASDAQ: WOOF) second-quarter financial results. Petco's earnings report, which showed quarterly sales of $1.52 billion, met analyst estimates, although the company missed its earnings target with losses of nine cents per share compared to the expected two cents.

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