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Chewy (NYSE:CHWY) and Petco Wealthness and Health Company (NASDAQ:WOOF) broke higher in midday trading on Thursday after Roaring Kitty posted a picture on social media site X of a dog.
Chewy (CHWY) was up 11.25% and Petco (WOOF) was 3.75% higher about 30 minutes after the doggie picture set off the meme army. Volume on both stocks is way above normal activity. Notably, short interest on Chewy (CHWY) stands at 13.8% of the total float and short interest on Petco (WOOF) is even higher at 19.8% of the total float.
Roaring Kitty has spoken favorably about Chewy (CHWY) founder Ryan Cohen in the past in the context of backing up his bullish thesis on GameStop (GME). Of course, Ryan Cohen now runs the retailer as his day job. Shares of GameStop (GME) were up 5.91% amid the Roaring Kitty drama.
Some market watchers have pointed to the ability of Roaring Kitty to move stocks easily as a sign of a market that still has plenty of froth left in it.