Macy, Nordstrom all rise after reports of potential takeover bid

On Monday, department store shares went up after a Wall Street Journal report that Kohl's Corp. KSS received a $9 billion takeover bid from activist hedge fund Starboard Value LP. Kohl has received a takeover offer. Kohl's shares went up nearly 34% in Monday trading. Macy's Inc. M, stock rose 5.7%, and Nordstrom Inc. JWN, was up 3.4%. 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 since COVID - 19 as shopping habits shift. Macy's most recent earnings blew past expectations. The company is expected to report fourth-quarter earnings on February 22, according to a FactSet calendar. Nordstrom's most recent earnings report didn't meet expectations. It is expected to report fourth-quarter results on March 3. Kohl's stock is up 36.5% over the past year. Macy's has gone up 86.8%. Nordstrom is down 45.1% for the period.