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Barnes & Noble shares soar on Apple report
NEW YORK - Barnes & Noble shares soared on Wall Street Tuesday following a report the US bookstore chain had a deal with Apple, which is expected to unveil a long-awaited tablet computer.
The chain’s shares gained 13.35 percent to close at 19.70 dollars.
Stock prices rose after leading technology blog TechCrunch reported “there is a good chance there will be a Barnes & Noble bookstore built into the Apple Tablet.”
The Apple device, set to be unveiled on Wednesday, is expected to double as an electronic book reader, posing a challenge to Amazon’s Kindle.
Barnes & Noble released its own e-reader, the Nook, last year.
TechCrunch noted reports that Apple has been in talks with HarperCollins, McGraw-Hill and other book publishers but said “a built-in Barnes & Noble bookstore could include up to a million titles in one fell swoop.”
“An Apple Tablet tied to a Barnes & Noble digital bookstore must be Jeff Bezos’ worst nightmare,” TechCrunch said in a reference to the Amazon founder.
TechCrunch said a Barnes & Noble bookstore may be integrated directly into the tablet’s e-reader or offered as a new book section in Apple’s online music store, iTunes.
Amazon shares lost 0.69 percent on Wall Street to close at 119.48 dollars.
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