Did Petco investors bark up the wrong tree?
Not everyone is making money as U.S. stocks and bonds soar. There are actually investors, believe it or not, who buy or sell a stock, commodity, piece of art or security at the wrong time. CBS MarketWatch readers, if you have a five-paragraph tale of clueless adventures, email it to the CBS MarketWatch NewsRoom. By Barbara C. Costanza, CBS MarketWatch 12/12/97 12:58:47 PM SAN DIEGO, Calif. (CBS.MW) — Petco Animal Supplies Inc. shocked shareholders Thursday when the company released what at first seemed to be lower-than-expected third quarter earnings. The stock dropped 21 percent after Petco posted third quarter net income of 22 cents a share compared to the consensus estimate of 29 cents a share. One analyst cut her rating for the stock. However, Petco CEO Brian Devine said the stock fell because of “poor communication,” not poor earnings. The 22-cent profit reflected a dilution of 7 cents a share stemming from four recent acquisitions. Excluding that effect, Petco was actually in-li
