JWN is approaching it's 200d moving average once again, after some consistent moves higher after popping due to news that the Nordstrom family is considering taking the firm private again.
It's again trading above the rather tight band it traded in for most of 2017 before some weak news from other names in retail took others with it, including JWN.
Went long JWN when it was down around 40 and am sticking with it, on the mildly bullish technicals, the strong vote of confidence from the Nordstroms that they'd want to take the firm public to shield it from all the AMZN -driven doomsday activity elsewhere in the retail sector, and that generally JWN is in my estimation best-of-breed amongst department stores with an already strong digital channel compared to their competitors.
I'm not looking for a price target to sell at necessarily due to privatization talks. Content to sit on this until that all works out and then reassess when there's a resolution there one way or another. I'd say buying in now would only be prudent if you figure going private is more likely than not.
It's again trading above the rather tight band it traded in for most of 2017 before some weak news from other names in retail took others with it, including JWN.
Went long JWN when it was down around 40 and am sticking with it, on the mildly bullish technicals, the strong vote of confidence from the Nordstroms that they'd want to take the firm public to shield it from all the AMZN -driven doomsday activity elsewhere in the retail sector, and that generally JWN is in my estimation best-of-breed amongst department stores with an already strong digital channel compared to their competitors.
I'm not looking for a price target to sell at necessarily due to privatization talks. Content to sit on this until that all works out and then reassess when there's a resolution there one way or another. I'd say buying in now would only be prudent if you figure going private is more likely than not.
Comment:
More privatization chatter hit the morning airwaves on CNBC this am, Cramer called it a 'must buy', and we're up over 3% on the day. However this turns out, it sure has been fun watching shorts get their shirts ripped off over and over on this stock the past week...