Nordstrom weighs going private, sparks rally in sector; Alibaba eyes record high; Pandora deal chatter

Here’s a look at some of the stocks the Yahoo Finance team will be watching for you today.

Nordstrom (JWN) shares soared in early trading. The family behind the high-end retailer has formed a special committee to explore a deal to take the company private. The news is sparking a rally in other department store chains this morning, including Macy’s (M),  Sears Holdings (SHLD), Kohl’s (KSS) and J.C. Penney (JCP).

Investors are loading up on shares of Alibaba (BABA). The stock is eyeing a record high after the Chinese e-commerce giant gave a bullish revenue outlook. During an investor day presentation, CFO Maggie Wu predicted annual sales growth will rise between 45% and 49% for fiscal 2018. Yahoo our parent company, owns about a 15% stake in Alibaba.

Yahoo (YHOO) shareholders will vote today on the sale of the company’s media business to Verizon (VZ). Unfortunately, with mergers come layoffs. Recode reported that the combined AOL, Yahoo companies are expected to eliminate up to 1,000 jobs, or about 20% of its combined workforce.

Pandora (P) is back in the headlines. Sirius XM (SIRI) is once again considering investing in the streaming music service, according to Reuters. This comes after prior talks between the two companies broke down.