Department store shares moved higher during premarket hours on Monday after a Wall Street Journal report that Kohl’s Corp. KSS, +30.64% 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, +7.37% stock rose 8.4%, and Nordstrom Inc. JWN, +3.95% 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.
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