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Nordstrom Stock Soars on Reports of Potential Privatization


Nordstrom (JWN) - ★★★★ - Ranked 11th in our Q1 2024 Mid & Small Cap Rankings


Nordstrom's stock price surged nearly 11% on Tuesday, reaching $19.35 per share at the session high, after reports emerged that the company's founding family is exploring taking the luxury department store chain private once again.


The significant share price jump halted a three-day losing streak for Nordstrom's publicly traded stock and marked its largest single-day percentage increase in over a year, according to market data.


The catalyst for Tuesday's rally was a Reuters report, citing unnamed sources familiar with the matter, that the Nordstrom family is actively considering a bid to take the retailer private after previous attempts in the past.


While details remain scarce, the prospect of the Nordstrom family regaining full private ownership of the company they founded over 120 years ago was enough to spark a buying frenzy among investors on Tuesday.

 

Nordstrom has a ★★★★ star ranking in our latest Q1 2024 Mid & Small Cap Rankings. Subscribe for price targets, metrics, and other analysis.




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