Activist hedge fund Jana Partners LLC said it planned to ask PetSmart Inc to explore a sale, sending the pet products retailer's shares up 13 percent in premarket trading. Jana Partners reported a 9.9 percent stake in the company in a regulatory filing and said it expects to hold discussions with PetSmart's management and board, shareholders and other interested parties. (1.usa.gov/1orkOfN)
PetSmart, Inc. supplies products, services and solutions for the lifetime needs of pets. Shares of PETM remained unchanged at $59.80. In the past year, the shares have traded as low as $55.00 and as high as $77.32. On average, 2337020 shares of PETM exchange hands on a given day and today's volume is recorded at 594766.
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