Macy’s, Nordstrom shares move higher after report of Kohl’s takeover offer
Department store shares moved higher Monday after a Wall Street Journal report that Kohl’s Corp. KSS, +34.87% has received a $9 billion takeover bid from activist hedge fund Starboard Value LP. Kohl’s confirmed receipt of a takeover offer. Kohl’s shares soared nearly 34% in Monday trading. Macy’s Inc. M, +17.89% stock rose 17%, and Nordstrom Inc. JWN, +12.38% was up 10.5%. Macy’s has faced calls to separate its e-commerce business from brick-and-mortar stores. Department stores, as a category, have been under pressure dating back before COVID-19 as shopping habits shift. Macy’s most recent earnings blew past expectations. The company is scheduled to report fourth-quarter earnings on February 22, according to a FactSet calendar. Nordstrom’s most recent earnings report missed expectations. It is expected to report fourth-quarter results on March 3. Kohl’s stock is up 38.7% over the past year. Macy’s has rocketed 108.9%. And Nordstrom is down 40.7% for the period.