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Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of bookseller Barnes & Noble (NYSE: BKS ) got burned today, down by 24% at the low before closing off more than 16%, after the company reported a surprise loss in the second quarter.
So what: Revenue for the quarter came in at $1.9 billion, which generated a net loss of $0.17 per share. Both figures fell short, as the market was expecting $2 billion in sales and a profit of $0.03 per share.
Now what: B&N believes its full-year EBITDA will be on the low end of the previously announced guidance of $210 million to $250 million. After the quarter closed, the company released its Nook Tablet, which B&N says is now the fastest-selling Nook product, and the overall Nook business between all segments had revenue of $220 million. The digital segment, BN.com, continues to lose money while showing the most revenue gains as the company continues to invest in future growth.
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