Nordstrom stock increased to 7 per cent after Trump slams it on Twitter
The shares of the Seattle-based luxury retailer Nordstrom, increased to 7 per cent after US President Donald Trump slammed it on Twitter, the media reported.
Last week, after the retailer announced that it would not carry Ivanka Trump’s spring collection – characterising the move as a business decision – the Trump administration disputed Nordstrom’s claim that her merchandise was not selling well, NBC News reported on Friday.
Trump’s adviser Kellyanne Conway added more fuel to the fire on Thursday when she delivered what she called a “commercial” in support of the brand during a live TV interview.
Threats of boycotts from both pro- and anti-Trump factions surfaced on social media, leading to the stocks dipping briefly but it soon rebounded.
According to retail experts, the reason Nordstrom shook off the controversy while other companies have seen their share prices fall after being on the receiving end of a disgruntled tweet was simple; unlike Lockheed Martin, which depends on US government contracts, or General Motors, whose investments in Mexico could be threatened by an import tax, there was not much Donald Trump could do to hurt the fortunes of a high-end department store chain.
Trump in his tweet said: “My daughter Ivanka has been treated so unfairly by Nordstrom. She is a great person — always pushing me to do the right thing! Terrible!”