Nordstrom soars on report that its namesake family wants to own a greater stake

Nordstrom shares rose as much as 11% Wednesday after The Wall Street Journal reported the company's founding family is in talks to boost its stake in the retailer.

The family previously attempted to buy the company out for $50 per share in 2018. The plan fell through after a board committee deemed the price too low.

Nordstrom remained up by nearly 8% even as the three major US stock indexes sold off on the Fed's rate-cut announcement.

Watch Nordstrom trade live here.

Nordstrom shares jumped as much as 11% in Wednesday trading after The Wall Street Journal reported the company's founding family is looking to increase its stake in the retail chain.

The family members seek to boost their one-third stake to over 50%, the report said, citing people familiar with the matter.

The Journal reported that the family could buy shares back at a premium. If that happens, it could increase the value of outstanding shares.

A previous family-led buyout offer of $50 per share fell through in 2018 after a board committee deemed the price too low. The family has long hoped to take the company private in order to organize a major overhaul, according to Bloomberg.

Nordstrom stock sold for $33.27 as of 3:45 p.m. ET Wednesday.

The company remained up about 7.7% for the day despite sharp selloffs spurred by the Fed's afternoon rate-cut announcement. The Nasdaq Composite and S&P 500 fell by as much as 0.7%. The Dow Jones Industrial Average was down about 0.8%.

The surge represents the stock's largest intraday increase since August 2018. Nordstrom shares are down about 29% year-to-date.