Nordstrom’s stock surged last week following a report that activist investor Ryan Cohen is taking a large stake in the retailer
Nordstrom Inc.’s stock pulled back before market open Monday after surging last week following a report that activist investor Ryan Cohen is taking a large stake in the retailer.Citing people familiar with the matter, the Wall Street Journal reported that... Nordstrom Inc.’s stock pulled back before market open Monday after surging last week following a report that activist investor Ryan Cohen is taking a large stake in the retailer.
The activist investor’s reported move sparked talk that the retailer could join the list of so-called meme stocks given Cohen’s history with sometime-meme-stock darlings GameStop Corp. GME and Bed Bath & Beyond. Nordstrom’s stock has risen 19% in the last 12 months, outpacing the S&P 500 Index’s SPX decline of 8.1%.On Friday a Nordstrom spokeswoman told The Wall Street Journal that the company was open to hearing from Cohen and other investors. “We will continue to take actions that we believe are in the best interests of the company and our shareholders,” she said.
Nordstrom has been facing challenges amid a slowdown in sales. Last month Nordstrom slashed its outlook and noted that holiday season sales were “softer than pre-pandemic levels.” Of 22 analysts surveyed by FactSet, three have a buy rating, 13 have a hold rating and six have an underweight or sell rating for Nordstrom.
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