Notes: Simpson Collectible; Barnes & Borders?
If They Didn't Quite Recall All Copies . . .
Here's a surprise sales statistic. Some 100 copies of If I Did It, O.J. Simpson's cancelled title, were sold during the week ended December 3, according to Nielsen Bookscan, Media Bistro's Galley Cat reported.
Only six copies were sold by "standalone retail outlets," Galley Cat said. The rest were sold by companies in Nielsen Bookscan's "discount and other" category, which includes online retailers Amazon.com, B&N.com, Borders.com, BAM.com and Powells.com, mass merchandisers Target, Costco and K-mart and specialty stores like Starbucks (which at the moment is selling only Mitch Albom with lattes).
"That some copies sold instead of going back to HarperCollins' warehouse for pulping is to be expected--and perhaps the real surprise is that so few leaked out," Galley Cat wrote. "So congratulations, you lucky 106--you've got yourself quite a rarity on your hands."
---
On a down day on Wall Street, Barnes & Noble shares rose 4.9% to
close at $41.97 yesterday on more than double the usual volume after
Credit Suisse raised its rating on B&N to outperform from
underperform. Analyst Gary Balter wrote: "Our change in the Barnes
& Noble rating reflects the fact that this stock appears to be one
of the best positioned leveraged buyout type candidates in our universe
at this time, combining consistent cash flow with relatively cheap
valuation." He estimated the company could be sold for a 25% premium on its share price. More details at Forbes and Reuters.
At the same time, Balter lowered his rating on Borders to neutral from
outperform, saying that a turnaround is taking longer than expected. In
particular, he said that the rewards program has started slowly and
discount redemptions and customer traffic are not as strong as he had
expected. Yesterday Borders dropped 2.1% to $22.74 a share.
Still, Borders also remains a takeover target for private equity
funds. "Ironically [a leveraged buyout] of Barnes, should it occur,
would make the likelihood of a similar event for Borders much greater,"
he wrote. "In fact, an LBO of the two of them together may make the
most sense for someone exploring one or the other."
---
Cool idea of the day. To celebrate the one-year anniversary of the opening of its Security Square Mall store in Baltimore, Md. (Shelf Awareness, November 20, 2005), Karibu Books is holding a party this Saturday with author signings, raffles and giveaways. At a poetry performance from 2-4 p.m., everyone who buys a book receives a free Lit Noire T-shirt.