Barnes & Noble shares rise on Nook preorders
NEW YORK (AP) — Shares of Barnes & Noble rose Wednesday after the CEO said advance orders of its new Nook e-readers are much higher than for past Nook devices.
That's good news because Barnes & Noble, the largest traditional U.S. bookseller, is investing heavily in its e-book readers and digital library to ward off tough competition from online retailers and discounters. CEO William Lynch made the comments at Liberty Media's investor day conference. Private equity firm Liberty Media owns a 17 percent stake in Barnes & Noble.
Shares rose $1.13, or 8.2 percent, to close at $14.94 on Wednesday. The stock is up about 3 percent for the year.
Lynch said advance orders for the new Nook HD and HD+, 7-inch and 9-inch high-definition tablets that begin hitting shelves next month, are 240 percent higher than those of previous devices.
Lynch also said the company plans to make its Nook bookstore available in 10 international markets by June 2013.