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

Department store shares moved higher Monday after a Wall Street Journal report that Kohl’s Corp. KSS, +32.38% 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. M, +15.63% stock rose 5.7%, and Nordstrom Inc. JWN, +10.40% 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 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 36.5% over the past year. Macy’s has rocketed 86.8%. And Nordstrom is down 45.1% for the period.