Diamonds and Dogs
The pet industry has proven to be recession-resilient. Chewy (CHWY) is modestly higher and up 100% from the March lows as the $18 billion online pet supplies retailer has emerged as one of the biggest winners during this period of lockdowns, panic buying and rising pet adoption. Chewy's sales are booming as worried dog and cat owners stock up on food during the pandemic. The e-commerce company is hiring up to 10,000 workers to meet this unprecedented demand. Pets, particularly dogs, are eating more thanks to the multiple walks their owners take them on each day.
Profit-taking in the tech space. Intel (INTC) is lower by 2% following earnings. Intel beat even as sales fell 23%. The company removed full year guidance concerned investors of declining sales in the second half of the year. Google (GOOGL) is down a percent on news the company is reevaluating their spending and investment plans for the rest of the year, possibly slashing its marketing budget in half.
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