Yahoo Finance is tracking Nvidia, Valeant, Nordstrom and Alibaba in intraday trading on Thursday.
Nordstrom (JWN) – The department store announced that members of the Nordstrom family have formed a special committee to explore going private. The group has not yet made a proposal regarding a transaction and said, “No assurances can be given regarding the terms and details of any transaction.” Nordstrom has been struggling to boost its business over the past few months. Since the start of the year, the stock is down about 5.5% compared to the S&P 500’s 8.7% gain.
Valeant Pharmaceuticals (VRX) – The Canadian drug maker is selling its iNova Pharmaceuticals business for $930 million as it looks to focus on its core divisions. In a statement, chairman and chief executive officer Joseph Papa said, “The sale of iNova is part of the company’s ongoing efforts to both simplify our operating model and strengthen our balance sheet.” The transaction is expected to close in the second half of the year.
Nvidia (NVDA) – The chipmaker received its most bullish call yet. Citi lifted its price target on Nvidia’s stock to $180 per share, the highest on the Street. Analyst Atif Malik cited strength in Nvidia’s data center business and autonomous driving division. The company’s stock has soared over the past year, jumping about 236%.
Alibaba (BABA) – The Chinese e-commerce giant revealed at its second annual investor day that revenues are expected to grow between 45% and 49% in 2018, exceeding analyst expectations. Alibaba’s stock has surged about 78% over the past year.
For more on Thursday’s big stock movers, check out the Final Round, live at 4 p.m. ET, right here on Yahoo Finance.