Kohl's confirms approach about potential acquisition

A pair of shoppers arrive at a Kohl's, Nov. 26, 2021, in Everett, Mass. Kohl’s Corp. is confirming that it received letters expressing interest in acquiring the department store chain. The confirmation on Monday, Jan. 24, 2022 follows media reports that Sycamore Partners approached Kohl’s about a potential deal. (AP Photo/Josh Reynolds)

NEW YORK (AP) — Kohl’s confirmed that it has been approached about a possible sale of the department store chain, sending shares up more than 30% in early trading Monday.

The company said that it would not comment further, but its confirmation follows media reports that the private equity firm Sycamore Partners had approached Kohl’s about a potential deal. Days earlier, a group backed by activist hedge fund Starboard Value LP reportedly bid $64 per share, or about $9 billion

Kohl’s Corp., based in Menomonee Falls, Wisconsin, said Monday that its board is reviewing the offers.

Shares of Kohl's spiked 31% or $14.79 to $61.63.

7 Stocks That are Ready For a Santa Claus Rally

With the end of the year approaching, many investors are looking to rebalance their portfolios. That typically means casting a critical eye at some of your strong performers and making a decision on whether they will move higher. And one thing that can dip the balance in favor of retaining a stock is the likelihood of a Santa Claus rally.

The technical definition of a Santa Claus rally is a rally that starts in the last few trading days of the year after the Christmas holiday. In recent years, however, that definition has been expanded to take into account a December rally. And with Black Friday beginning earlier and earlier and really not ending until after the holiday's end, this makes some sense.

So will there be a rally in 2021? I wouldn’t bet against it. The market continues to want to move higher and January is historically a strong month for stocks. With that said, we believe quality should still matter. Here are seven stocks that stand to benefit with or without a Santa Claus rally.

View the "7 Stocks That are Ready For a Santa Claus Rally".