On Thursday, shares of bookselling behemoth Barnes & Noble Inc. are rallying, up about 5.5% in afternoon trading after reports surfaced that the company has been involved in talks to sell.
According to StreetInsider, which pins the initial report on Bloomberg, who then cites DealReporter—complicated, I know—Barnes & Noble was reportedly working with financial adviser Guggenheim Securities for six months, talking with many potential buyers like Platinum Equity and Apollo Global Management (APO - Free Report) .
However, the report said that a Barnes & Noble spokesman said that the company was not currently talking to or engaged with any sales process.
Additionally, a company spokesperson told Benzinga “Although we have an obligation as a public company to listen to any proposals or offers from outside parties, we are not engaged in a process at this time.”
While this rumor has some serious flaws, it does follow pressure put on the bookseller by activist investor Sandell Asset Management Corp, which had urged Barnes & Noble’s board to strategically review its business and even consider a sale.
Year-to-date, BKS stock has lost 36% in value. The company currently sits at a #3 (Hold) on the Zacks Rank.
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Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
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On Thursday, shares of bookselling behemoth Barnes & Noble Inc. are rallying, up about 5.5% in afternoon trading after reports surfaced that the company has been involved in talks to sell.
According to StreetInsider, which pins the initial report on Bloomberg, who then cites DealReporter—complicated, I know—Barnes & Noble was reportedly working with financial adviser Guggenheim Securities for six months, talking with many potential buyers like Platinum Equity and Apollo Global Management (APO - Free Report) .
However, the report said that a Barnes & Noble spokesman said that the company was not currently talking to or engaged with any sales process.
Additionally, a company spokesperson told Benzinga “Although we have an obligation as a public company to listen to any proposals or offers from outside parties, we are not engaged in a process at this time.”
While this rumor has some serious flaws, it does follow pressure put on the bookseller by activist investor Sandell Asset Management Corp, which had urged Barnes & Noble’s board to strategically review its business and even consider a sale.
Year-to-date, BKS stock has lost 36% in value. The company currently sits at a #3 (Hold) on the Zacks Rank.
One Simple Trading Idea
Since 1988, the Zacks system has more than doubled the S&P 500 with an average gain of +25% per year. With compounding, rebalancing, and exclusive of fees, it can turn thousands into millions of dollars.
This proven stock-picking system is grounded on a single big idea that can be fortune shaping and life changing. You can apply it to your portfolio starting today. Learn more >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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