Barnes & Noble said a special committee found "numerous" instances of improperly dated stock option grants and that the bookseller would need to make an adjustment decreasing its retained earnings by $22.8 million.
The guys (and gal) go behind the headlines and give you the traders take on the Palm/MOTO disaster... the Blackstone $4 billion IPO... the EU open skies... and more. Find out where they see fast money.
Bookseller Borders Group, in a significant strategy shift, said on Thursday that it would close nearly half of its Waldenbooks stores, weigh options for its international units, and start selling books through its own Web site.
Here's one more segment from Friday night's "How To Win" program on CNBC. We hear from a couple of the bloggers--the stock pick bloggers who are giving advice--and are actually playing to win the contest. John Carney is editor at dealbreaker.com and Jeff Mishlove is from Forecastingsystems.com and wrote a "how to" manual on the contest itself.
Top U.S. book retailer Barnes & Noble on Monday forecast fiscal 2007 earnings well below the average Wall Street estimate, sending its shares down nearly 10%.
There is a big, giant bullseye painted in bright red over the entire retail sector. Private equity firms are sniffing around targets like the Gap (which, according to Women's Wear Daily, may have a bidder in Eddie Lampert), Barnes and Noble, and Home Depot.
Shares of Barnes & Noble rose after Credit Suisse raised its rating on the stock and called the bookstore chain a strong candidate for a leveraged buyout.
How hot is the leveraged buyout (LBO) craze? Credit Suisse just put out a report upgrading bookseller Barnes and Noble. Is business improving? The main reason for the upgrade is that the company is "one of the best-positioned LBO type candidates in our universe." They note the company has consistent cash flow and a cheap valuation.