Chewy stock drops following analyst downgrade to Perform

Shares of Chewy (CHWY) fall following a downgrade from "Outperform" to "Perform" by Oppenheimer analysts, who noted "recent signs of weakness" in a previously resilient pet food category. With inflation high, many consumers are looking for value in purchases, such as making decisions between wet or dry pet food and skimping on treats. Yahoo Finance Reporter Brooke DiPalma takes a look at Chewy's stock action, citing Chewy CEO Sumit Singh's comments on normalizing "pet inflation" in an exclusive interview with Yahoo Finance. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

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