Nordstrom (JWN.US) stock surged over 17% after the luxury retailer surprisingly reported profit in the third quarter. Nordstrom earned 34 cents per share, while analysts' expected 6 cents per share loss. Revenue failed to beat market expectations, due to lower demand for formal wear. The fashion giant attributed the strong results to a 37% surge in online sales.
Nordstrom (JWN.US) stock has been trading in an upward move recently and today's quarterly report became a catalyst responsible for further increases. Stock broke above the long term downward trend line and is trading at the highest level since March. If the current sentiment prevails then next resistance at $32.35 may come into play. Source: xStation5
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