Nordstrom Stock Rises After Trump Criticizes Company on Twitter

Donald Trump has been tweeting his way through the first 100 days of his presidency. While Trump usually uses the platform to denounce credible news sources and Democrats, he recently took to Twitter to defend his daughter Ivanka Trump. However, it appears his tweet didn’t do much justice for Ivanka, it seems to have been a benefit for the opposite party.

Earlier this week, Nordstrom dropped Ivanka’s fashion line, citing poor performance of the brand. As a result, Trump took to Twitter on Wednesday to criticize the department store.

“My daughter Ivanka has been treated so unfairly by @Nordstrom,” Trump tweeted. “She is a great person – always pushing me to do the right thing! Terrible!”

Hours later, according to Fortune, the department store’s stock spiked, ending the day up more than 4 percent. Sources say, investors bought stock in Nordstrom to show their support after it announced it would be dropping the first daughter’s line.

“We’ve said all along we make buying decisions based on performance,” the company said in a statement. “We’ve got thousands of brands – more than 2,000 offered on the site alone. Reviewing their merit and making edits is part of the regular rhythm of our business. Each year we cut about 10 percent and refresh our assortment with about the same amount. In this case, based on the brand’s performance we’ve decided not to buy it for this season.”

Despite Nordstrom’s explanation, protesters believe the #GrabYourWallet movement has impacted the brand’s sales as it encourages shoppers to boycott Trump-branded products. Neiman Marcus, TJ Maxx and Marshall’s have also reportedly dropped Ivanka Trump’s line.