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Petco shares soar more than 50% as trading begins

Petco Health & Wellness Co. Inc. stock began trading on Thursday and quickly soared 56.4%. The first trade at 12:13 p.m. ET was at $26. Shares priced at $18. Petco launched in 1965 and offers a wide range of pet products and services. The company is going public at a time when consumers are spending more money and effort to care for their pets. The Renaissance IPO ETF has soared 112.5% over the last year while the S&P 500 index is up 16.3% for the period.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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