Nordstrom, Twitter Peloton: Stocks That Defined the Week


Nordstrom Inc.


JWN -2.06%

Department-store giants have too much stuff and not enough shoppers. Nordstrom and

Macy’s Inc.


M -3.04%

lowered their financial goals for the year, citing an industrywide inventory glut and risks of a steeper economic downturn. Nordstrom is working to aggressively lower its inventory levels as some customers cut back spending, and Macy’s said its forecast adjustment reflected markdowns and promotions it thinks it will need to get rid of excess goods. Nordstrom shares dropped 20% Wednesday.

Ford Motor Co.

Ford’s repair job just got more challenging. A company that is trying to improve its shaky quality record plans to appeal an Aug. 19 jury verdict in Georgia that determined punitive damages of $1.7 billion should be imposed on the auto maker for selling 5.2 million F-250 Super Duty trucks from model years 1999-2016. The plaintiffs alleged the trucks had defective roofs prone to collapse in a rollover accident. The case was brought by the children of a Georgia couple who were killed in 2014 while driving a 2002 Ford F-250 pickup truck. The company said the jury verdict isn’t supported by evidence and that it plans to appeal. Ford shares lost 5% Monday.

Amazon.com Inc.


AMZN -4.76%

Paging Dr. Amazon. One month after agreeing to buy a network of health clinics, the e-commerce giant is now bidding for home-health-services provider

Signify Health Inc.,

The Wall Street Journal reported Aug. 21.

CVS Health Corp.

is among the other suitors courting Signify. which uses analytics and technology to help employers, health plans and physician groups and health systems with in-home care. This is the second time in recent months it faced off against CVS, which was among the bidders for the network of health clinics Amazon agreed to buy last month. Amazon shares fell 3.6% Monday.

Twitter Inc.


TWTR -1.44%

The former head of security at Twitter is blowing the whistle.

Peiter Zatko,

who says he was fired earlier this year, claims that he “uncovered extreme, egregious deficiencies by Twitter in every area of his mandate.” Among his allegations are that the social-media company’s executives, including Chief Executive

Parag Agrawal,

deliberately undercounted the prevalence of spam on the platform. The complaint adds to Twitter’s challenges as it prepares for its legal battle with

Elon Musk,

who raised concerns about fake and spam accounts on the platform. Twitter shares dove 7.3% Tuesday.

Peloton Interactive Inc.


PTON -3.63%

Peloton is now peddling on Amazon. The fitness equipment maker said Wednesday it started selling its stationary bikes and other products on the e-commerce platform, as Peloton struggles with weak demand after soaring early in the pandemic. The announcement comes months after The Wall Street Journal reported that Amazon was speaking to advisers about a potential deal to acquire Peloton. A day later, the company posted a quarterly loss of more than $1.2 billion as revenue plunged. Peloton shares surged 20% Wednesday before plummeting 18% Thursday.

Bed Bath & Beyond Inc.


BBBY 5.94%

Bed Bath & Beyond found a new source of comfort. The beleaguered retailer secured a financing source to shore up its liquidity as it tries to weather recent missteps amid slumping sales, The Wall Street Journal reported. Bed Bath & Beyond selected asset manager Sixth Street Partners to supply that new financing, which would give the company liquidity and its vendors confidence that they can continue to ship goods to the company after its troubled push into private-label brands. The company has been closing stores, reducing corporate overhead and renegotiating contracts with vendors as it looks to cut costs. Bed Bath & Beyond shares soared 18% Wednesday.

Moderna Inc.


MRNA -3.77%

Moderna is taking a legal shot at its Covid competitors. Moderna on Friday sued rival coronavirus vaccine makers

Pfizer Inc.

and

BioNTech SE,

alleging their vaccine relies on messenger RNA technology that Moderna developed and patented years ago. The lawsuits, filed in the U.S. and Germany, could mark the end of a period of unusual harmony among big drugmakers, which looked past traditional rivalries and even joined forces in some cases to find medicines that could fight Covid-19. Moderna said it isn’t seeking an injunction to force Pfizer and BioNTech’s shot off the market but is asking for unspecified monetary damages based on vaccine sales. Moderna shares lost 3.8% Friday.

Write to Francesca Fontana at francesca.fontana@wsj.com

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