Shares of Nordstrom surged Friday morning after activist investor and meme stock maven Ryan Cohen bought a major stake in the high-end department store company.
The stock closed more than 24% higher Friday.
Cohen is now one of Nordstrom’s top five nonfamily shareholders and wants to use his new position to shake up the retailer’s board, people familiar with the matter told CNBC. He’s interested in board changes that could support cost cutting efforts amid a decline in Nordstrom’s market cap.
Source: CNBC
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