Why Kohl's Stock Shot 10.5% Higher in Early Trading Today
Shares of U.S. retailer Kohl's Corporation (NYSE: KSS) rose 10.5% in early trading on Feb. 22. That jump came quickly at the open, with the shares still trending around the up 10% mark 11 a.m. EST. The big news behind the price change, however, didn't really come from Kohl's but from Macellum Advisors, Ancora Holdings, Legion Partners Asset Management, and 4010 Capital.
The quartet of investors owns around 9.5% of Kohl's stock. They have nominated nine people for the retailer's board of directors. In other words, these are dissident investors trying to take on the company's current management team. While this effort may or may not succeed, it certainly ups the ante in a very public way with regard to any discussions between the company and this group of big shareholders.
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Source Fool.com
