Why Nordstrom Stock Was Rising Today
Shares of Nordstrom (NYSE: JWN) were gaining today as the high-end department store chain continued to rally following news earlier this week that Pfizer's coronavirus vaccine candidate was effective in more than 90% of participants. There was no company-specific news out on Nordstrom today, but the company seemed to be benefiting from an ongoing short squeeze and hopes it will beat earnings expectations in its third-quarter report, due out on Nov. 24. Those expectations appear to have increased after luxury online fashion retailer, Farfetch (NYSE: FTCH), posted strong results in its third-quarter earnings report last night.
As of 1:18 p.m EST, the stock was up 8.9%.
Image source: Nordstrom.
Source Fool.com
