Business

Market movers

Activist fund Jana bites off PetSmart stake

PetSmart now offers Pet Expressions, a new service at its in-store salons.

John Konstantaras/AP images

PetSmart now offers Pet Expressions, a new service at its in-store salons.

PetSmart surged after hedge fund Jana Partners disclosed a stake in the pet-care company and urged it to undertake a strategic review, including a potential sale. Jana, known for pushing for corporate changes, acquired about 9.9 percent of Phoenix-based PetSmart, according to a filing. Jana said PetSmart needs to improve operating performance and capital allocation and return ‘‘significant’’ capital to shareholders. PetSmart said it welcomes communication with investors and that it is committed to creating shareholder value.

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