
Petco Health and Wellness (WOOF) is down nearly 17% in mid-afternoon trading Wednesday. The company reported Q1 2023 earnings this morning before the opening. Investors did not like the gross margin erosion in the quarter. As a result, volume is 6x its 30-day average.
At the same time, Chewy (CHWY) lost more than 3% of its value on the day, even though it reports its earnings on May 31 after the markets close. As a result, its volume on the day is slightly higher than its 30-day average.