Nordstrom Stock Gains over 4 Percent After Trump Tweet
Nordstrom’s stock gained 4 percent on Wednesday after President Trump attacked the company.
My daughter Ivanka has been treated so unfairly by @Nordstrom. She is a great person — always pushing me to do the right thing! Terrible!
— Donald J. Trump (@realDonaldTrump) February 8, 2017
The Hill reports:
Nordstrom’s stock dipped -0.5 percent immediately after Trump’s morning tweet calling it “terrible” for treating his daughter, Ivanka, “so unfairly.”
However, the stock fully recovered within four minutes, and closed out the day up 4.1 percent, MarketWatch reported.
Trump targeted Nordstrom after the company announced it would no longer carry Ivanka’s merchandise. Ivanka’s husband is a senior adviser to the president.
Nordstrom responded to Trump’s tweet on Wednesday, saying the decision base don how the brand was performing at the stores and that it has “thousands of brands.”
“Over the past year, and particularly in the last half of 2016, sales of the brand have steadily declined to the point where it didn’t make good business sense for us to continue with the line for now,” the company said in a statement Wednesday.
Photo credit: Geekwire.