Shares of Nordstrom (NYSE: JWN), the department store chain, were rocketing higher on reports that activist investor Ryan Cohen had taken a stake in the company. Cohen is the co-founder of Chewy and may be best known for helping to send GameStop stock skyrocketing in 2021 as he took a stake in the company and pushed for a board shake-up and other changes. According to The Wall Street Journal, which first reported the news, Cohen has amassed a stake in the company that makes him one of the five biggest shareholders outside the Nordstrom family.
GameStop (GME) closed at $21.83 in the latest trading session, marking a -0.18% move from the prior day.
While the meme stock rally fizzled occasionally in 2021 and 2022 due to rising rate worries and share market crash, the sheer return of risk-on sentiments this year has boosted the meme stocks once again.