Nordstrom Stock Has Plunged This Week: Will It Bounce Back?
U.S. retail sales have surged in recent months as the easing of the COVID-19 pandemic this spring unleashed a torrent of pent-up demand. As a result, several top department-store operators have reported impressive second-quarter results this month.
On Tuesday afternoon, Nordstrom (NYSE: JWN) posted stronger Q2 sales and earnings than either management or Wall Street analysts had expected. However, the iconic retailer's earnings report didn't match up to the incredible results reported by many of its peers recently.
That caused Nordstrom stock to plummet 17.6% on Wednesday and fall another 8.5% on Thursday, wiping out a quarter of its market value. Let's see what this development means for long-term investors.
Source Fool.com
