Petsmart sees intraday swing post-acquisition; Avaya calms after Monday rise; pharma drops

By Colin Hanner

Chicago, April 18 – An acquisition brought on the most heavily-traded volume of the session for Petsmart Inc., traders said, after the company acquired online pet food and product retailer Chewy, Inc.

The brick-and-mortar retailer purchased Chewy for $3.35 billion, according to Recode, which cited several sources close to the deal. The price tag made it the largest e-commerce acquisition ever.

Petsmart bonds shot up in early morning trading, a trader said, before paring some gains in the afternoon to remain in the net positive for the session.

Santa Clara, Calif.-based Avaya Inc. was lower and quieter following Monday’s session that brought a several-point uptick to bonds that were boosted by news of a reorganization filing.

St. Louis-based consumer packaged goods company, Post Holdings, Inc., announced acquired Weetabix Food Co. for £1.4 billion, according to a news release.

Though Post’s stock and rating were downgraded on the day, its bond were up marginally, a trader said.

In what would affect other pharmaceutical companies on the day, Cardinal Health, Inc. announced it was lowering expectations for its guidance range because of anticipated fourth-quarter results due to falling drug prices, a news release said.

Valeant Pharmaceuticals International, Inc. and Concordia International Corp. posted losses on the day.

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