Why Chewy Stock Jumped 17% Last Month

Shares of Chewy (NYSE: CHWY), the e-commerce pet products company, were among the winners last month, gaining 17%, according to data from S&P Global Market Intelligence. While there was no specific news out on Chewy, the stock benefited from a continuing recovery in the market, a brief rumor of Walmart taking a stake, and strong earnings reports from other e-commerce companies at the end of the month. On July 13, the stock briefly spiked on rumors mentioned in Seeking Alpha that Walmart could take a stake in the online pet products seller, though there didn't seem to be any official source and that rally faded quickly.