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

Department store shares moved higher during premarket hours on Monday after a Wall Street Journal report that Kohl’s Corp.
KSS,
-2.60%
has received a $9 billion takeover bid from activist hedge fund Starboard Value LP. Kohl’s shares soared nearly 34% in Monday premarket trading. Macy’s Inc.
M,
-3.73%
stock rose 8.4%, and Nordstrom Inc.
JWN,
-4.31%
was up 7.3%. 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 3.7% over the past year. Macy’s has rocketed 78.1%. And Nordstrom is down 46.5% for the period.