Keep an eye on Nordstrom (JWN).
The stock is on the move in pre-market on news activist investor Ryan Cohen bought a sizable stake in the company. All in an effort to shake up the board, and get things moving in a better direction. Not only does Cohen have an issue with the company’s current CEO, he doesn’t seem pleased with news JWN had to mark down prices to ease glut, and cut guidance for the year.
According to The Wall Street Journal, Cohen is looking to shake up its board. In fact, “His goal is to replace at least one director, with a particular focus on former Bed Bath & Beyond Inc. Chief Executive Mark Tritton, who chairs the compensation committee and whom Mr. Cohen views as conflicted and unqualified.”
If successful, there’s hope the JWN stock can recover more lost ground. JWN is also severely undervalued at half of growth, and less than a quarter of sales.