What: Ryan Cohen accumulated a large stake in Nordstrom, causing the Seattle-based retailer’s stock price to rise.

Why it is important: After lower-than-expected holiday sales and earnings, Nordstrom’s stock jumped 30% following media reports of Cohen’s increased stake in the retailer.

Canadian billionaire and founder of Chewy, Ryan Cohen, accumulated a large stake in Nordstrom, causing the stock to soar.

The department store’s stock leapt 30% and shares were up to USD 26.38, with the shares having a 52-week high of USD 29.59.

According to reports, Cohen wants to oust Mark Trittion from the Nordstrom board and make cost cuts and structural changes in the business. Even as one of the top five investors in the company, Cohen will face challenges in making changes as the Nordstrom family still owns 30% of the company's stock.

Nordstrom stock soars on activist stake