Trump Vs Nordstrom: Stocks Tumble After Tweet
NEW YORK (AP) — Nordstrom shares took a brief tumble Wednesday after President Donald Trump tweeted that the department store chain that decided to stop selling Ivanka Trump’s clothing and accessory line had treated his daughter “so unfairly.”
The company had said last week that it made the decision based on the brand’s performance, and that each year it replenishes about 10 percent of its supply with new products.
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
“My daughter Ivanka has been treated so unfairly by @Nordstrom. She is a great person — always pushing me to do the right thing! Terrible!” It was re-tweeted more than 6,000 times in less than an hour.
Nordstrom didn’t immediately respond to a request for comment. Shares in the Seattle-based chain traded around $42.70 before the president’s 10:50 a.m. tweet, then fell to $42.48 afterward in a flurry of trading. The shares recovered to around $42.80 by midday.
A social media campaign called “Grab Your Wallet” has urged a boycott of stores that stock Ivanka Trump or Donald Trump products.
Ivanka Trump has said she would take a leave of absence from her clothing and accessories business as well as the Trump organization. Rosemary K. Young, senior director of marketing at Ivanka Trump, said last week that the brand is expanding and saw “significant” revenue growth last year compared to the previous year.
It’s not the first time Trump’s tweets have at least temporarily affected a stock. U.S. automakers, Boeing and Carrier have also suffered after his comments on Twitter.
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