meanwhile chewy now is owned by petsmart but worth, in the public markets, a lot more than that petsmart i imagine those debt holders are going to want to get paid. how does that factor in to what shar shareholders of chewy should expect going forward >> they may sell off shares over time to pay off debt typically what happens in situations like this is the parent company eventually either buys back the company that went public or totally divests. it would be surprising if petsmart still owned part of chewy five years from now. >> jay, really quick, we asked the ceo why this is any different from pets.com two decades ago. he said the internet is more mature, data collection and synthesis is more mature and the consumer is more mature. do you buy that? >> i think there's some truth to that 20 years ago, e-commerce was in its infancy, whereas now almost everybody gets things delivered. and that's one of the problems that brick and mortar stores have been having >> jay ritter, nobody knows more about ipos than they do. >> maybe leslie picker is tied >> i learned what i know from jay. >> tha

they will raise another $100 million to be raised by chewy itself and petsmart will retain control withting used to those dual crass structures these days. top line growth last year was 59%, to get to $3.5 billion in sales. one interesting factor to note, chewy specifically cites amazon pet product offerings along with a potential headwind, along with general competition in the industry they will list under the symbol as chwy and will begin trading tomorrow. >> is petsmart public? >> they are public. >> okay. i couldn't find it it seems interesting to me i expect this to be an omni channel play down the line it's interesting that chewy, a brand that at least for people my age, in their 40s, i guess, know less and don't have less, no less than petsmart and ends up being maybe the play on this market. >> that's right. and this is a growing market they're looking at growth rate about 5.4% each year in pets in general across the world they look at the total market and i think that's what brings a lot of investors and contributing to the greater-than-expected demand, not just hype with peopl

we're petsmart. get canidae and merrick dog and cat food... now at petsmart. tonight, she has a new movie on netflix called "always be my maybe." the very funny ali wong is here with us. [ cheers and applause ] and then this is their self-titled e.p., king calaway from the mercedes-benz stage. [ cheers and applause ] later this week we have new shows with among many others tom hanks, pamela adlon, and music from coffee. so please be with us. by the way, guillermo and i were at a wedding together this weekend. on saturday night our dear friend and co-worker max got married to his beautiful bride nora and guillermo and his wife were invited to the wedding. and it was a beautiful wedding. correct? >> guillermo: yeah, it was wonderful. >> jimmy: you had fun, guillermo? >> guillermo: i did. i had a lot of fun. >> jimmy: guillermo had so much fun that in fact in the middle of the meal he said "all right, good night, i'm going to leave." and we're like what do you mean you're going to leave? the main course hasn't even arrived yet. and he said, "oh, i got invited to

going forward, i think chewy really will become what petsmart could have been, and i think the days ofas just curious -- earlier, you mentioned that in the early days of chewy, the pet, the premium pet suppliers didn't want to work with amazon. i'm assuming that's changed now, since you said that it's a 50/50 race between the two >> not entirely. there is certainly very high-quality premium pet food manufacturers that are even wrestling working with chewy because they're petsmart-owned what they really want is a handcrafted, custom experience for their product. so it's sort of like selling a louis vuitton product on amazon. they don't want to do that, and many of these manufacturers view their product as the louis vuitton of pet food, but i think the distinction is the level of service chewy is pouring into their customers. >> i'll tell you the wet dog food definitely helps with -- just putting a little bit in with the dry food, you know what i mean >> in terms of their appetite? >> yeah. and then i can monitor and i know it's not getting stolen by one of the other ones. some of the --

it's their largest initial public offering ever chewy and parents company petsmart sharing a combined1 billion to investors and the deal was massively upsized and priced above a boosted range and selling more than expected and it received the bulk of the proceeds and the retailer acquired chewy two years ago and it's worth quadruple the amount. >> so what brought investors in the door today well, americans are spending more on their pets and they are spending more money online chewy says its customers each spent $334 on average in 2018. chewy says its sail sales grew with increased spending without add being more customers it grew 68% and consumers are pivoting when buying in stores and online 14% of pet industry sales in 2017 up from 4% in 2015 and it was projected to grow 25% in three years, but as those trends hold, her and more consumers are noticing supermarkets, warehouses and e-commerce companies and amazon have been peking a big push into the pet world and if they choose to lower prices that could put an even further dent into chewy's negative margin, melissa. >> leslie picker

would raise another $756 million that's because petsmart bought chewy two years ago for $3.5 billioning around and ipoing it for more than twice that valuation. now, petsmart will still maintain control over chewy with 70% stock ownership after the offering and thanks to a dual class share structure it will continue to maintain voting control even if chewy sells more stock to the public in the future the pet industry has been growing rapidly and chewy has benefited from that trend with the top line growth rate of 59% last year. but the company remains unprofitable and faces steep competition, namely in the face of amazon which has recently made a push into the pet space now, i'm told the meeting to determine chewy's final ipo price begins today at 4:30 the stock will be listed right here at the nyse under the symbol chwy and will begin trading tomorrow >> all right, leslie, thanks m to feel compelled to explain every absence or every time they go home early his post on this topic went viral. he joins us next and stay tuned for a big interview on "closing bell." former disney ceo mich

it for more than twice that valuation petsmart will still maintain control over chewy and thanks to a dual-class share structure it will maintain voting control even if chewy sells more stock to the public. the pet industry has been growing rapidly and chewy has benefitted from the trend with a top line growth rate of 59% last year and the company remains unprofitable and faces steep competition in the face of amazon which has recently made a push in the list the stock will be listed under chwy and will begin trading tomorrow we will see where it stacks up among the high-flying ipos of the year fiber is the latest making its debut up a whopping 90%. crowd strike was up another 16% today on top of yesterday's 71% gains and including those two and weave seen 13 ipos jump 50% on their first days of trading this year. melissa? >> leslie, thank you leslie picker at the nyse. we always think about uber and lyft and what difficulties they've had out of the gate and overall the ipo picture has been pretty good so far. >> a lot of these smaller ones have done well and it's a supply and deman

petsmart, which acquired chewy two years ago will be taking home the bulk of the proceeds raised in the00 million worth chewy itself will retain about $120 million to invest in the business now, chewy is an online retailer for all things pets, offering food, medicine, toys, and beds on its website the company says its differentiator, though, is customer service, but that, of course, comes at a cost. chewy's operating expenses totaled about $1 billion last year, contributing to a lack of profitability. chewy was acquired by pet smart two years ago for $3.5 billion it's now trading upwarts ds of r times that valuation to quite the return on investment there, scott. >> another big winner. leslie, thank you very much. that's leslie picker at the new york stock exchange. here's what jim cramer had to say about this ipo earlier on "squawk on the street. >> i like chewy. i never get -- take these hats, ever this one, i'm actually going to wear i think chewy may be it. this may be the best of them other than beyond meat this is so exciting to people. >> all right so, cramer gets the hat. should

look at crewy, chwy, spun off by petsmart, hind of the range, $22. then opened at 36 and climbed to 41 and change before pulling back still, if you got in on the ipo chewy's giving a magnificent 59% gain how the heck does that happen? could the stock potentially have more room to run >> i want chase the stock at these levels necessarily you might as well put it in your shopping basket. we've had the second and third -- the reason's pretty simple let me break it county first there are -- as we know anybody who watches this show, the humanization of pets theory. something we've been talking about for years. americans increasingly treat their companion animals like members of the family, which means we spend more and more money on surprise and health care the dog starts in the basement, then they're in your room, next thing you know, they're in your spot this is a highly fragmented industry maybe 15 years behind the rest of retail. as of 2017 e-commerce only accounted for 14% of the pet food these numbers have been growing like crazy chewy expects to re

remember a company owned by petsmart, at least 3/4 of a company petsmart owns.nvestors hailing this as a success. there still is appetite for ipos out there. the retail sales figures up half a percent for may. and we saw the april figures revised as well. that helps market sentiment. blake: joined now by mark short. he was once the head of legislative affairs to the president and is currently the vice president and chief of staff. it's friday night, thank you for sticking around. i want to get to some policy matters but first to a couple issues the president clarified. foreign interference. we heard the president clarify his response. i don't believe we heard yet from the vice president. should she represent his office if the vice president is contacted or anyone within the vice president's office by a foreign government, does the vice president believe he should contact the fbi if he's contacted with opposition research. >> the vice president's position is consistent with the administration about turning over information to the fbi. but i confess we think there

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the 17 to $19 range that would value the company around $7.5 billion, twice what parent company petsmartto acquire it in 2017. >> that's true. >> i am a chewy.com customer. >> customers love this. >> my dog is on a prescription diet we had a very close call mom and dad if you're watching, i don't blame you, but i blame you. so he's now on prescription food and i order it from chewy.com. they have this auto ship thing that, to me is the most genius part amazon prime subscribe button. i don't have to remember to order his prescription food. if i run out of it, we're in big trouble. >> and nothing amazon offers that competes with this? >> i have to get a prescription from my vet and chewy communicates with my vet. >> takes you out of the loop all together. >> this company is still not profitable. >> oh, that. >> details, bill. >> and let's remember that petsmart was taken private in 2015 so, this is a private equity group that sees an opportunity. >> absolutely. >> to take a profit when they can and they're going to shove this out the door to the ipo market and take that profit. >> are you

we're petsmart.ause ♪ >> jimmy: our next guest is one of the funniest human beings i know you can catch him in season one of "black monday," which is available now on showtime on demand ladies and gentlemen, pleasewe ome my bud, horatio sanz pp [ cheers anduse ♪ >> jimmy: horatio, welcome back dude, i -- i forgot to tell you how much i love that email i got from you during the sandler am sandler hosted the show, and i just happened to be there and you were like, "dude, i'm watching the sandler show. i'm just getting sentimentalng thinbout the good old days when we were always there together." >> yeah. >> jimmy: dude, i got so choked up i was so emotional the whole night was -- >> a few jack daniels may have been involved, but certainly - >> jimmy: yeah, no, of course. >> i did mean it with all my heart. >> jimmy: thank you.n. >> no, it was fu it's always fun seeing you guys messing around hey, what's up, man? how are you doing? then i saw you in beverly hills and we crossed like two ships in the nigh

i'm still name a few pinterest are all doing very very well but for me i hope rob pets petsmart petsmart ke pets dot c big thing back in early 2000 miles and they lost hundreds of millions dollars. what they have in common with show you is that i was in hundreds of millions of dollars. so it's not my short term it has uptight long-term they losing too much money. yeah it i can't win this battle. it's a momentum thing we're rational thinking game. so i'm saying no to it but i understand it will go higher. >>ok good enough, thank you as always robin you see again tomorrow for more insight. so keep those questions coming in e-mail him directly find on facebook twitter and our web site as well kron 4 dot com. jimmy's gotten used to his whole room smelling like sweaty odors. yup, he's gone noseblind. he thinks it smells fine, but his mom smells this... luckily for all your hard-to-wash fabrics... ...there's febreze fabric refresher. febreze doesn't just m ...gone noseblind to. and try febreze unstopables for fabric. with up to twice the fresh scent power, you'll want to try it... ...again and

its bark and that's where we begin tonight's mart focus, the online pet product retailer owned by petsmartd in its wall street debut today and the company priced its ipo at $22 a share and that was above the expected price range and the company's ceo hoped to prove that the company was not like pets.com which came to symbolize what was wrong with the dotcom bubble of the '90s. >> the company was 20 years ago and loo at the way e-commerce is changing andook at our sticky mess and the fact that we're servicing greater than the 95% of u.s. households and the fact that customers keep comin back to us. chewy shares were up more than 80% for aime today and they settled up60% at $34.99. barnes & nobleaid today it did not receive any other offers from prospectivee buyers bef hedge fund elliott management's imposed deadline next week. elliott offered $475 million to take the bookseller private and it built in an end of business thursday deadlin for barnes & noble to field other possible bids. with that deadline now past, and if the deal does not go through elliott will receive a $17.5 million break

would raise another $756 million now, petsmart bought chewy would years ago for $3.5 billion it's nowurning around and ipoing it for more than twice that valuation petsmart will maintain control of chewy following the debut guys >> leslie, thank you very much for that up next here on "the closing bell" we'll be covering all of the angles of the close of the market, which is 7 1/2 minutes away don't go anywhere. it also has the highest growth in manufacturing jobs in the us. it's a competition for the talent. employees need more than just a paycheck. you definitely want to take advantage of all the benefits you can get. 2/3 of employees said that the workplace is an important source for personal savings and protection solutions. the workplace should be a source of financial security. keeping your people happy is what keeps your people. that's financial wellness. put your employees on a path to financial wellness with prudential. is where people first gathered to form the stock exchangeee, which brought people together to invest in all the things that move us forward. every day, invesco

now chewy and its parent company petsmart raised more than a billion dollars. the largest u.s. e-commerce ipo ever they price add boff the range. they had already hiked earlier in the week on stronger than expected demand and petsmart sold about 5 million more shares than it initially intended to. so it's a quick buck for petsmart the pet retailer bought its e xhert counterpart just two years ago for $3.5 billion and then turned around and the company debuted today. it's now trading at quadruple that valuation, guys >> leslie, thanks very much for that we're going to discuss many ipos coming up later in the show. for a second straight week, though, we've seen gains despite the choppy market action and dom chu has taken a step away from hq and joins us from the stock exchange dom. >> let's look at how stocks are shaping up today because as you pointed out today we are near the highs of the session for the dow. the s&p and the nasdaq, although like josh said semiconductor stocks the key focus for traders. that's weighing down the nasdaq composite. very much geared more toward tho

the company is controlled by petsmart. the toronto raptors nba victory appears to be a popular one.h hisames' hometown cleveland cavaliers was bigger. turns out there's a shortage of fake hamburgers. restaurant chains are reporting that they can't get enough of the impossible foods popular meet free patty. the company says the shortage has nothing to do with the burger king deal. and this is interesting because we've seen the same problem with beyond meet as well, but it continues to soar. taylor: you wonder if it is a supply-chain problem or demand. i have not had a meatless burger. i know they are all the rage. i'm good with regular beef. there is so much demand that they are running out of this stuff. joe: do you think the stock is becoming advertising? it is like, the stock is up, i have to try the burger. caroline: i did try it last week. we went to a brooklyn shop and not only did it cost $12, but apparently the store only get half of its deliveries, they sell out like that. incredible. i think it shows a lot about brooklyn. taylor: the question is, why are you going to white

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it was a 59% gain for chewy, on-line pet retailer, petsmart owns about 3/4 of that company. investors with an ipo appetite. finally, stocks down today, dow 17. but still positive for the week. visitors taking this wait and see approach. trying to decide how they want to be positioned. that flight to savety of already made, but the stock traders' to see a deal with china, they were hoping something positive would come out of president trump's meeting with president xi at the g-20. melissa: joe biden calls out amazon for note paying -- not paying federal taxes, the company is hitting back, ashley webster with details. reporter: a twitter spat between joe biden and e-commerce giants amazon. all about america's tax code biden tweeted out, i have nothing against amazon but no company pulling in billions of profit to pay lower tax rate than firefighters and teachers. amazon in return fired identify a tweet, saying that former vice president is misdirected. quote, we pay 2.6 billion in corporate taxes since 2016, we pay every penny we owe . congress designed tax laws to reinvest in

petsmart is raising about 800 million in proceeds while the company itself will generate proceeds ofion the company hasn't posted a full year of profitability since at least 2014 and the top line growth last year was 59% the stock will list on the new york stock exchange urn the symbol chwy. guys >> leslie, thank you very much for that mike, we've got some time for the final thoughts the yield slippage today definitely played a part for the sector performance and just the general sentiment. >> it did. the idea of two days of modestly higher yields shows you that the market is still clenched up ahead of retail sales data, but then also with the fed i think at this point we have enough time in the next fed meeting to rethink it a few times. >> i thought today's cpi inflation number realized that's the next big thing and it was soft which bodes well if you're praying and hoping for stimulus. >> it wasn't so decisive any it's pretty much on trend. >> below target and softening. >> absolutely. july could happen and it doesn't make it a since. >> we are out of time. thank you for watching

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it's a division of pet smart been spun off from petsmart it's called chewy dot com it's coming up this week. it that what's interesting about it is they really socialize the website to make it like a facebook for pets. i dogs and cats have her own instagram it's true. it's been around since 2011 so it's an established company but in the end, they're selling pet food i just don't see a big barrier to entry with companies like amazon, unless you're a millennial unless you actively say i don't want say amazon dot com. what's really interesting about their their sales is a lot of recurring revenue. so subscription models yet because you need your like heartworm pills at every month and you need the dog food every month and yes, so we re just part of their own i set some weakness in oils here a crime who have instagram hey just their pets. so i get what they're trying to nice company. i'm not sure i would chase has been a year of big from companies like lyft and uber to companies like its job done that it's interest. so. i'm going with this one because all they do assault after it might hav

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thank you we're petsmart thank you we're hugging the vacation rental that led to the ride ♪ which tookiscovered that sometimes a little down time n lift you right up. ♪ flights, hotels, cars, lstivities, vacation renta. expedia. everything you need to go. [sfx: bottle opening] fx: lleroaster sounds] [sfx: bottle opening] ahhhh! [sfx: crowd cheering] [sfx: bottle opening] ahhhh! but we were made to move. so move more! live more! ♪ degree motionsense made tmove. who's already won three cars, oa two motorcycles, a b and an r.v. i would not want to pay that insurance bill. [ ding ] -oh, i have pr ressive, so i just bundled everything with my home insurance. saved me a ton of money. -love you, gary! -you don't have to buzz in. it's not a question, gary. on march 1, 1810 -- [ ding ] rédéric chopin. -collapsing in 226 -- [ ding ] -the colossus of rhodes. -[ sighs ] louise dustmann -- [ ding ] -brahms' "lullaby," or "wiegenlied." -when will it end? [ ding ] -not today, ron. ♪ oooooooooo... ♪ i'll show you something ♪ neeeeeewwww. ♪ i'm gonna make you ♪ moooooove. ♪ i'll show you something, i'l

thank you we're petsmart thank you we're hugging so recently my son's band was signed by a record label. i created a rockstar. (vo) the network more people rely on, gives you more. like iphone xr on us when you buy the latest iphone. that's verizon. chloe, why is there a lamp shade on your head? shhh. my owner might have given me a little bit of cat nip. uh. [ laughing ] that's great. it is great gidget. everything is grand. [ meow ] [ purring ] [ growl ] are you finished? [ cooing ] that was weird. oh sister it's going to get way weirder. 's f with our famous pastrami and a bigger soft pretzel roll. and try the new turkey bistro with warm turkey and smokehouse bacon. or the new hot club chicken dijon with dijon mayo and black forest ham. how far would you go for a togo? ♪ ♪ star wars galaxy's edge opening may 31st at the disneyland resort people wake. and smile, when they see the sun. not that one. this one. it makes knowing when to take your prescriptions clear as day. up to fifty percent of people don't take them properly. so at cvs pharmacy we got up early and built a system that he

petsmart's original investment in this company is going to be 5 x, depends on where we are >> and attrong for this company. you know, just the latest, fiber yesterday, we talked about that israeli company that is sort of a marketplace for sellers and buyers and digital services, ended up the day like 80%. so increasingly, these fast growing revenue companies, despite the fact that they're not profitable, are being very well received in this market even on down days like today >> yes we'll see you tonight. >> yes, see you later. >> speakings do s of speaking ow days, it's a lot less down now we'll talk to chewy's co-founder do not go anywhere >>> good morning, it's 11:00 a.m. at chewy headquarters in california "squawk alley" is live ♪ think of the amazing repartee ♪ ♪ if i could walk with the animals, talk with the animals ♪ ♪ and they could talk to me ♪ think what fun we would have asking crocodiles for tea ♪ ♪ lunch with two or three lions waltz with sea lions ♪ >> welcome to "squawk alley," i'm carl quintanilla, jon fortt is here. ryan cohen will join us in a little bit dom chu is

we begin trading today. , prices -- they are valued at 8.8 billion dollars and are controlled by petsmartg up big-name investors. according to the wall street a number of companies will invest about $10 million each in a consortium to fund my creation. it is the end of an era at the london metal exchange. fromrs are prevented drinking during the day. setting responsible for industrials -- tom: i am glad to see we have not followed that policy at team "surveillance" on a friday. that was interesting. francine: tom. i am going to save you. tom: good morning, everyone. we have james bevan with us. i have never seen this chart. it is a three standard deviation move in yield markets from any hope of inflation. down two standard deviations. really important, you can see how the markets moved just since i moved the white circle earlier. this is a move on gamma or convexity. what do equity people do when they see the acceleration in lower yields? james: they worry, because it begins to imply there is a risk to corporate earnings numbers. i would argue equities are aboveble when yields move 3.5%.

go public aiming for a valuation of about $7 billion, about twice as much as its parent company petsmarto. i remember gabelli long ago was talking about pets, and i don't know whether it's gotten more insane what people do, but i think it might have. don't you think? >> based on your behavior, yeah. >> i got three dogs and i buy them -- i can't go in that store without spending, you can't believe what you spend when you just get dog food for big dogs and then you get treats and chew toys and you walk out of there, you're like thank god my kids are grown. people are nuts about -- you're a city dweller. >> what do you have a gold fish? what do you have you got anything, a hamster, a gerbil >> you got something >> no, but -- >> that's not human. >> we had a fish the last four years named sponge bob who just passed away. >> oh, no. >> it was very sad in the sorkin family it happened two weeks ago. we had a funeral in our bathroom for sponge bob. >> is that where it met its fate in your bathroom >> we've had a goldfish that's been alive for about nine years now. >> porcelain princess. >> this