After speaking with 112 Nordstrom (JWN) handbag managers in the U.S. and Canada, Wedbush analyst Lupine Skelly says nearly one-half of Nordstrom stores eliminated Michael Kors (KORS) handbags during May. Managers at 54 stores said they have stopped carrying MICHAEL Michael Kors handbags during May, while five other store managers said they were eliminating the brand in the next few weeks, the analyst tells investors in a research note. Skelly is not surprised by Nordstrom reducing its exposure to Kors, given the "incessant price matching" that was necessary to keep up with Macy's (M) promotions. The analyst, however, feels Michael Kors' brand equity "continues to wane" and that maintaining an aspirational image will be difficult without Nordstrom. Skelly believes Kate Spade (KATE) and Coach (COH) are gaining shelf space at Nordstrom. Shares of Kors are down 53c to $40.98 in early trading.