Why Nordstrom (JWN) Shares Are Shooting Higher Today - Nordstrom (NYSE:JWN)

Activist investor Ryan Cohen, known for sparking big rallies in so-called meme stocks, is reportedly buying a substantial stake in Nordstrom Inc JWN.
He also intends to urge the company to change its board following a steep decline in share price.
Mr. Cohen is one of the top-five nonfamily shareholders of Nordstrom.
As of March 11, 2022, members of the Nordstrom family beneficially owned roughly 30% of the company’s stock, according to an annual filing. It means that effecting change would be difficult without their support.
Ryan Cohen is the former CEO of the online pet supplies store Chewy Inc CHWY, which he co-founded in 2011. He is currently the chairman of GameStop Corp GME.
Mr. Cohen hopes to engage with Nordstrom’s management about a targeted board refresh that can support cost-cutting efforts as sales decline, Wall Street Journal reported.
Cohen seeks to replace at least one director, focusing on former Bed Bath & Beyond Inc BBBY Chief Executive Mark Tritton, who chairs the compensation committee and whom Mr. Cohen views as conflicted and unqualified, the report added.
“While Mr. Cohen hasn’t sought any discussions with us in several years, we are open to hearing his views, as we do with all Nordstrom shareholders,” a WSJ report said, citing a Nordstrom spokeswoman. “We will continue to take actions that we believe are in the best interests of the company and our shareholders.”
Price Action: JWN shares are up 26.10% at $26.65 during the premarket session on the last check Friday.

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Activist Investor Ryan Cohen Buys Stake In Nordstrom, Urges Board Shakeup