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Jun 8, 2017

S3 Research: Nordstrom Shorts Down $189 million in Early Morning Trading

As Nordstrom’s (JWN US) founding family explores the possibility of taking the firm private its stock price rose to $47.05/share in early morning trading. Nordstrom short interest averaged $1.23 billion in 2017, and shorts were having a profitable year prior to today’s news. They were up $186 million in mark to market P/L year-to-date but with today’s loss of $189 million they are now down $3 million for the year and join Sears as the only losing short bet in the entire Department Store sector.

Nordstrom’s is the largest short in the Department Store Sector at $1.2 billion of short interest, followed by Kohl’s, JC Penny, Macy’s, Dillard’s and Sears. The total amount of short interest in the Department Store sector is $3.5 billion, down $509 million in the last month.

We are seeing more shorting in Nordstrom stock this morning, over $70 million so far, as traders are either unsure whether the Nordstrom family can pull this off, or they are shorting into the sudden price spike looking for a partial reversal after the immediate volatility created by the news subsides.

Want deeper insight into the above analysis? Contact:
Head of Research, S3 Partners
The information herein (some of which has been obtained from third party sources without verification) is believed by S3 Partners, LLC ('S3 Partners') to be reliable and accurate. Neither S3 Partners nor any of its affiliates makes any representation as to the accuracy or completeness of the information herein or accepts liability arising from its use. Prior to making any decisions based on the information herein, you should determine, without reliance upon S3 Partners, the economic risks and merits, as well as the legal, tax, accounting and investment consequences, of such decision.

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