It can be a dog eat dog world on Wall Street. But, today it was a dog meet dog world.
Canines converged at the New York Stock Exchange for Chewy.com's IPO.
Chewy, which was launched in 2011, is expected to begin trading Friday on the New York Stock Exchange under the ticker symbol CHWY.
Chewy was valued at $8.77 billion after more stock was sold than originally planned. It opened at just over $36 No surprise, Chewy was a hot topic on TheStreet's Cramer Live. Jim Cramer, TheStreet's co-founder and Action Alerts Plus portfolio manager, broke down 3 things for investors to watch:
"First is the humanization of pets. There are very few stocks that give you a play on this...number two is the evolution of, from the basement to the bedroom to the bed that makes you want to pay up. And three is subscription economy, which we talk about a lot. 90% of the people who have subscribed re-up, so you have a lifetime value of a customer that's gigantic
PetSmart will receive almost $900 million from the sale of its stock.
Chewy reported sales of $3.5 billion in 2018, an increase of 67% from a year earlier, and a loss of $267.9 million.
Cramer Live Programming Note
TheStreet's Katherine Ross is off today. Action Alerts Plus analyst Zev Fima hosted TheStreet's Cramer Live on Facebook. Fima was on the floor of the exchange during the IPO.