Activist investor Ryan Cohen is building a big stake in Nordstrom, report says. The retailer's stock has surged 37% on the news.

• Ryan Cohen is building a significant stake in Nordstrom, The Wall Street Journal reported.
• The Chewy cofounder and GameStop chairman wants to refresh the company's board, The Journal said.
• Cohen has made several bets on ailing retailers, including GameStop and Bed Bath & Beyond.

Nordstrom shares soared as much as 37% in premarket trading on Friday, as investors cheered the news that Ryan Cohen may be building a significant stake in the luxury department-store chain.