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Leigh Baldwin & Co.

112 Albany Street, Cazenovia, NY 13035 | Phone: (315) 655-2964 Toll Free: 1-800-659-8044

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Diamonds and Dogs

8/20/13

Barnes & Noble Inc. (BKS)

Barnes & Noble is getting torn apart at the seam today, down 12.24% at $14.63. The bookstore and nook company saw its shares fall after two new events were released. First, Barnes & Noble released poor earnings. Management announced that first quarter EPS was a loss of $0.86, down from $0.76 a year ago, and worse than the analyst estimate at $0.81. Revenue dropped 9% to $1.33 billion, though that was slightly ahead of the consensus at $1.32 billion. Second, news was released that Barnes & Noble founder, Leonard Riggio has backed away from his offer to buy the company's retail stores. Shares lost $2.00 today, but were able to hold up above their 52-week low of $11.17

Best Buy Co. Inc. (BBY)

Best Buy was one of the best buys today, up 13.18% at $34.78. The electronic retailer saw its shares rally after better than expected earnings. Earnings per share came in at $0.32, well ahead of estimates at $0.12 and up from just $0.04 a year ago. Revenue edged down 0.4% to $9.3 billion, but was still better than analyst expectations of $9.13 billion. Best Buy shares jumped over $4.00 today and set a new 52-week high of $35.78 intraday.
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