Today’s Research Reports on Stocks to Watch: Nordstrom and Target
Target shares popped on Wednesday after the company announced it would be hiring a lot more workers for this holiday season. This is an optimistic move by the company for the second half of the year and traders were happy to learn about it. Shares of Nordstrom also saw gains after a CNBC report indicated the Nordstrom family could be inching closer to a buyout of the company.
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Nordstrom shares closed up 5.99% yesterday on nearly 10 million shares traded. The stock got a boost in price after it was revealed in a CNBC report that the Nordstrom family may be closer to taking the company private. Shares of the luxury retailer had been rising in the last three months as traders were anticipating that company execs as well as descendants of Nordstrom’s co-founder John Nordstrom, would buy the rest of the company they do not already own. CNBC has reported that the Nordstrom family members, who own about 31% of the company, are closer to picking an investment firm that could lead to a buyout. The 116-year old department store company’s family members have chosen Leonard Green & Partners to help fund a buyout of the company according to sources familiar with the situation.
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Target shares closed up 2.80% on Wednesday with around 8.7 million shares traded. The overall market ended with some small gains with a push from retail stocks including Target who announced that it would be hiring 100,000 workers this holiday season. This is around 30,000 more, or 40% more, than the retailer hired in the 2016 holiday season. The retailer also said it would be adding 4,500 jobs at its distribution centers to keep up with online orders. The seasonal hiring will begin on October 13th. The company’s chief store officer Janna Potts stated, "Target has made significant investments in our business throughout 2017, and our commitment to hire 100,000 team members for the holidays will make shopping at Target even easier and more fun during one of the busiest times of the year. As always, we will provide our seasonal team members with meaningful opportunities to build and develop skills, and offer great benefits, including a variety of schedules and team member discounts."
Access RDI’s Target Corporation Research Report at:
Our Actionable Research on Nordstrom, Inc. (NYSE: JWN) and Target Corporation (NYSE: TGT) can be downloaded free of charge at Research Driven Investing.
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