Nordstrom (NYSE:JWN) is turning a few heads on Friday, with shares up more than 20% so far on the day. Even though shares are soaring on Friday — and are now up close to 40% on the week — Nordstrom stock seems to be flying under the radar.
That’s as investors digest earnings reports from Apple (NASDAQ:AAPL), Amazon (NASDAQ:AMZN) and Alphabet (NASDAQ:GOOGL, NASDAQ:GOOG). Together, the trio accounts for more than $4.8 trillion worth of combined market capitalizations.
Combine that with the hotter-than-expected jobs report, and there isn’t much room for other main talking points for the day.
So even as Nordstrom stock scorches higher, investors seem to be missing the market with the retailer. The rally comes as Ryan Cohen reportedly has taken a large stake in the retailer. In fact, he is now a top five non-family shareholder in the firm and wants to use his position to shake up the board.
If Cohen’s name rings a bell but you can’t remember why, it’s from his role in the so-called “meme stocks.” Cohen is the chairman of GameStop (NYSE:GME) and had a large position in Bed Bath & Beyond (NASDAQ:BBBY) before exiting on one of the stock’s large rallies. He was also one of the founders of Chewy (NYSE:CHWY).
Cohen has the ability to move a stock price once word gets out that he’s involved. We’re obviously seeing that response today in Nordstrom stock.
What Does Cohen Want With Nordstrom Stock?
Along with a potential shakeup of the board, Cohen is seeking cost cuts at the firm. Specifically, Cohen is reportedly taking aim at board member Mark Tritton. Tritton was the previous CEO of Bed Bath & Beyond. In addition to working on the board, he also serves as chairman of Nordstrom’s compensation committee.
In response, the company had this to say on the matter:
“While Mr. Cohen hasn’t sought any discussions with us in several years, we are open to hearing his views, as we do with all Nordstrom shareholders … We will continue to take actions that we believe are in the best interests of the company and our shareholders.
Nordstrom is scheduled to report earnings on March 2, but the recent news hasn’t been great. On Jan. 19, the retailer reported weak holiday sales and slashed its outlook. While Nordstrom stock was down more than 6% at one point on the following day, shares ended up closing slightly higher in that session.
From the lows on Jan. 20 to today’s high, the stock has rallied more than 65%. Further, it has rallied in nine of the last 11 trading sessions, with one of the “down days” being a drop of 0.05%.
We’re getting to an interesting point in the stock market as speculation comes raging back into sight. That’s not to say Nordstrom stock will necessarily be next, but the recent move has definitely raised a few eyebrows.
On the date of publication, Bret Kenwell did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.