Diamonds and Dogs
7/3/14Acuity Brands (AYI)
It was not a very bright week for Acuity Brands; it ended at $118.33, down 17.43% for the week. The North American lighting company headquartered in Atlanta, released its third quarter results last week which were below analyst's expectations. The posted third quarter earnings came to $43.8 million or $1.01 per share, which was 12 cents below analyst's predictions. Despite the lower than expected earnings for Acuity Lighting's third quarter, confidence in the stock's future still remains relatively bright according to researchers.
Before the Fourth of July weekend PetSmart, Inc. skyrocketed 12.5% to $67.28. PetSmart, Inc is a retail chain operating in the United States, Canada, and Puerto Rico involved in the sale of specialty pet supplies and services such as grooming and dog training, cat and dog boarding facilities, and daycare. The reason for the fireworks is because of an SEC filing accumulating a 9.9% stake in the company, which helps lift the troubled stock of PetSmart, Inc.