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Jan. 24, 2022, 3:25 p.m. EST

Macy's, Nordstrom shares move higher after report of Kohl's takeover offer

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By Tonya Garcia

Department store shares moved higher Monday after a Wall Street Journal report that Kohl's Corp. /zigman2/quotes/210414114/composite KSS -12.97% 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. /zigman2/quotes/201854387/composite M -6.20% stock rose 17%, and Nordstrom Inc. /zigman2/quotes/203902116/composite JWN -6.41% 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.

/zigman2/quotes/210414114/composite
US : U.S.: NYSE
$ 39.20
-5.84 -12.97%
Volume: 11.39M
May 20, 2022 4:00p
P/E Ratio
6.08
Dividend Yield
5.10%
Market Cap
$5.04 billion
Rev. per Employee
$196,293
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/zigman2/quotes/201854387/composite
US : U.S.: NYSE
$ 18.16
-1.20 -6.20%
Volume: 23.00M
May 20, 2022 4:00p
P/E Ratio
3.95
Dividend Yield
3.47%
Market Cap
$5.17 billion
Rev. per Employee
$284,637
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/zigman2/quotes/203902116/composite
US : U.S.: NYSE
$ 21.18
-1.45 -6.41%
Volume: 9.86M
May 20, 2022 4:00p
P/E Ratio
19.80
Dividend Yield
3.59%
Market Cap
$3.38 billion
Rev. per Employee
$205,403
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