The Wall Street Journal is reporting that Barnes & Noble stock went up 11% today, as news has been leaking about a new Nook coming out this month.
Here is more from the WSJ: “Janney Capital Markets analyst David Strasser, after first meeting with the No. 1 U.S. bookstore operator’s management two weeks ago, initiated coverage with a buy recommendation. Three other analysts rate the stock as a hold, according to FactSet Research data. New York-based Barnes & Noble has grabbed about 28% of the fast-growing market for digital books in just 18 months, putting it solidly behind industry leader Amazon.com Inc. (AMZN) as it sold more of its Nook e-reader devices and introduced a color version, Strasser said. He estimated the company could generate, just from the Internet segment, sales of $2.3 billion and profit of $1.56 a share by 2013.”
News of a new Nook came earlier this week, from a Barnes & Noble SEC filing. We contacted Barnes & Noble, who wouldn’t say much, but they did tell us that they plan to make an announcement, “regarding the launch of a new eReader device,” on May 24th. Analysts are already speculating that the new eReader will be an update to the black and white eInk Nook.