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Shares of PetSmart gained more than 12 per cent on news of Jana Partners’ investment. The stock has been a bit of a dog for a while, having fallen more than 12 per cent in the past year before the latest news broke.
Shares of PetSmart gained more than 12 per cent on news of Jana Partners’ investment. The stock has been a bit of a dog for a while, having fallen more than 12 per cent in the past year before the latest news broke.
(STEW MILNE/AP)

Can activist investor Jana make PetSmart roll over?

It was inevitable that an activist hedge fund would be sniffing around PetSmart Inc.’s doggie door. The growing band of shakeup artists are constantly on the prowl for underachievers with strong brand names but lacklustre performance and languishing stock prices. And the largest U.S. retail pet products peddler certainly fits the bill after its latest difficult quarter and subdued guidance for the rest of the year.