Aug. 19, 2013, 11:25 AM
- Barnes & Noble (BKS -3.1%) slips in trading just a day before the company's earnings report.
- Analysts expect B&N to have lost $0.74 per share on revenue of $132B during its FQ1.
- The bull case: SA contributor Peter Larson thinks the company could use prior inventory write downs to help it beat estimates.
- The firm's Q&A with analysts will be highly-dissected to try to determine the direction the Nook business will take.
Aug. 14, 2013, 2:53 PM
- Chegg, the leader in the growing online textbook rental space, has filed for a $150M IPO under the symbol CHGG. (S-1)
- Chegg posted 1H revenue of $116.9M (+26% Y/Y), and a net loss of $21.2M. In 2012, the company had revenue of $213.3M, and a net loss of $43M.
- GSV Capital (GSVC +1.1%), which has been flying high thanks to Twitter IPO hopes and rising valuations for fast-growing Internet stocks, owns a Chegg stake estimated to be worth $14M at the end of Q2 (5.6% of the firm's NAV).
- Chegg has become a thorn in the side of Barnes & Noble (BKS -0.1%), whose college textbook business remains a cash-cow even as its standard retail and Nook ops fare poorly.
- The rise of e-book rental services could pose a threat to the company. Amazon and (more recently) Google have launched e-book rental services for textbooks. Apple, which has put much effort into growing the iPad's education market sales, doesn't offer a rental option yet for iBooks.
Aug. 2, 2013, 10:50 AM
- The DOJ wants Apple (AAPL +0.3%) to terminate its existing deals with five top book publishers, and to "refrain for five years from entering new e-book distribution contracts which would restrain Apple from competing on price."
- It also wants Apple to be "prohibited from again serving as a conduit of information among the conspiring publishers," and from entering into content deals that are likely to raise competitor content prices.
- In a positive for Amazon (AMZN -0.3%) and Barnes & Noble (BKS -0.1%), the DOJ also proposes Apple allow e-book rivals to "provide links from their e-book apps to their e-bookstores" for two years. Such a requirement would give Amazon and B&N a way to sell e-books on iDevices without giving Apple a 30% cut. Amazon has been trying to avoid paying Apple via its Kindle Web apps, but that's an imperfect workaround at best.
- Previous: U.S. district judge declares Apple guilty of e-book price-fixing.
Jul. 30, 2013, 8:15 AM
- The revelation by Barnes & Noble (BKS) that its books needed to be restated couldn't have come at a worse time, says Barclays.
- A potential buyout by Leonard Riggio could be on hold and Nook manufacturing partners could be unsettled by the development.
- Shares of BKS fell 4.6% yesterday and now stand at the mid-point of their 52-week high and low.
Jul. 29, 2013, 12:45 PM
- Barnes & Noble (BKS -5.1%) trades lower after the company filed a proxy statement with the SEC. (14A)
- Highlights of the company's restated financials include a 2012 net loss that was reduced $4M, a 2011 loss that was chopped by $5M, and 2010 earnings which saw $6M added to it.
- Bloomberg reporter Matt Townsend thinks the meatiest part of the filing is on page 47 where B&N dissects its approach to related-party transactions.
Jul. 9, 2013, 10:14 AM
Barnes & Noble (BKS +3.1%) says it has no "immediate plans" to name a new CEO to replace William Lynch, a development that isn't disturbing investors this morning as shares recover from a premarket drop. The new focus on the company turns to if Leonard Riggio can grab control of the bookstore business and how to line up a Nook exit or transformation with investors Pearson and Microsoft still in the mix.| Jul. 9, 2013, 10:14 AM
Jul. 8, 2013, 5:43 PM
Barnes & Noble (BKS) CEO William Lynch has resigned from his position, and from the company's board. Also, CFO Michael Huseby is now the head of Nook Media and B&N's president, and corporate controller Allen Lindstrom has been named B&N's new CFO. Both Huseby and Retail Group chief Mitchell Klipper will now directly report to chairman Leonard Riggio. The shakeup comes shortly after B&N's FQ4 miss and decision to exit the tablet market. Shares -2.3% AH.| Jul. 8, 2013, 5:43 PM | 3 Comments
Jul. 5, 2013, 4:46 PM
Amazon (AMZN) has responded to Barnes & Noble's (BKS) Nook price cuts (coming ahead of a tablet market exit), and perhaps also the pending launch of a next-gen Nexus 7, by slashing the U.S. price of the 7" Kindle Fire HD to $169 from $199. Meanwhile, both Amazon and B&N have cut tablet prices in Europe. In the U.K, the 7" Nook HD (8GB) now goes for £99, and the 7" Kindle Fire HD (16GB) for £139. In addition to Google, Amazon and B&N have been seeing tough competition from Samsung and a slew of Chinese/Taiwanese OEMs selling sub-$200 Android tablets.| Jul. 5, 2013, 4:46 PM | 1 Comment
Jul. 5, 2013, 11:46 AM
Has Amazon (AMZN -0.1%) responded to Borders' bankruptcy and Barnes & Noble's (BKS +1.8%) struggles by paring back its book discounts? Writers and publishers talking to the NYT say that's the case, at least for "scholarly and small-press books." A trade firm surveying 18 publishers found 14 of them saying Amazon had, over the last few years, "either lowered discounts on scholarly books or, in the case of older or slow-selling titles, completely eliminated them." An Amazon spokeswoman insists the e-commerce giant is still lowering prices.| Jul. 5, 2013, 11:46 AM | 7 Comments
Jul. 1, 2013, 2:20 PM
Selling books is still the secret sauce that could help lift Barnes & Noble (BKS +5.1%) back into profitability, according to a panel of executives asked about the struggling company. Leveraging the store traffic that B&N's highly-loyal group of customers delivers is viewed as the key to unlocking new growth opportunities.| Jul. 1, 2013, 2:20 PM | 6 Comments
Jun. 26, 2013, 5:49 PM
Barnes & Noble (BKS) discloses it won't file its FY13 10-K on time due to a previously-announced accounting review that could lead to restatements. The company also discloses it has amended its credit agreement with several banks; the amendments place limits/conditions on B&N's dividend payments and buyback activity. (FQ4 results: I, II) (tablet market exit)| Jun. 26, 2013, 5:49 PM
Jun. 25, 2013, 2:00 PMBarnes & Noble (BKS -20.3%) is exiting the tablet market and will focus its hardware efforts on e-readers, the book retailer announces in tandem with its bleak FQ4 results and FY14 guidance. With B&N's tablet share having cratered and the Nook division reporting $133M in inventory charges for FQ4, the decision isn't hard to fathom. B&N says it will "continue to offer its existing inventory" of Nook tablets through the holiday season, and will seek out partners to make B&N-branded tablets. Amazon (AMZN) must be pleased, given the overlap between the Nook HD and Kindle Fire's targeted customers, and the fact B&N remains a top e-book competitor. | Jun. 25, 2013, 2:00 PM | 4 Comments
Jun. 25, 2013, 12:45 PM
Jun. 25, 2013, 9:11 AM
Jun. 25, 2013, 8:46 AM
The quick analyst take on Barnes & Noble (BKS): It's hard to find too much to like about the retailer's FQ4 numbers or the tone of the comments from execs. Belus Capital's Brian Sozzi calls the B&N report "horribly disappointing" while others note the bloom is decidedly off the rose for the sale of Nook Media to Microsoft. BKS -5.5% premarket to $17.94. (PR)| Jun. 25, 2013, 8:46 AM
Jun. 25, 2013, 8:40 AM
More on Barnes & Noble (BKS): The company says results were impacted negatively by Nook inventory charges it was forced to realize. Revenue fell off 10% in the B&N's Retail segment and 35% for its Nook segment which was only partially offset by a 24% pickup in College segment revenue. Digital content sales declined 8.9% Y/Y off of a tough comparable to last year and lower-than-expected devices in play. For FY14, retail comparable bookstore sales are expected to decline at a low-single digit rate. BKS -8.1% premarket to $17.30. (PR)| Jun. 25, 2013, 8:40 AM