Business

Market Movers

PetSmart leads the S&P 500 lower

PetSmart offers pet services as well as selling supplies.
David McNew/Reuters/File 2012
PetSmart offers pet services as well as selling supplies.
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PetSmart Inc.’s stock fell 9.1 percent for the biggest retreat on the S&P 500. The pet-store chain’s rating was cut to “reduce” from “neutral” by Nomura Holdings; it faces increased competition from the Internet giant Amazon.com, analyst Aram Rubinson wrote. He cut his price target to $55 from $72. “We worry that one of PETM’s key competitive advantages may erode online,” he said, noting Amazon has been able to lower its break-even point on consumable goods.