Nordstrom soars 37% on report that activist investor Ryan Cohen is building a big stake and wants to shake up the retailer's board
shares soared as much as 37% in premarket trading on Friday, as investors cheered the news that Ryan Cohen may be building a significant stake in the luxury department-store chain.
Cohen, the billionaire cofounder of Chewy and chairman of GameStop, is now one of Nordstrom's five largest non-family shareholders,, citing people familiar with the matter. The activist investor plans to engage with the company's board and push for at least one of its directors to be replaced, The Journal reported.
Nordstrom shares have plunged by roughly 75% over the past eight years, slashing the company's market capitalization from a peak of $15 billion to below $4 billion as of Thursday's close. The shares were up 29.8% at $27.44 as of 6:02 a.m. ET. Like many predominantly brick-and-mortar retailers, Nordstrom has struggled to navigate the shift from in-person to online shopping. Cohen has targeted several companies in similar positions, making him a key figure in the
, where retail investors pile into cheap, unloved stocks to punish short sellers and pocket big returns.into GameStop in August 2020, which helped to galvanize an epic spike in the video-game seller's stock price in January 2021. He continues to serve as the company's chairman and is working to modernize its business.
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