Barnes & Noble, Inc. (NYSE:BKS) shares surged by 8.96%

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Dallas, Texas 07/02/2013 (Financialstrend) – Shares of Barnes & Noble, Inc. (NYSE:BKS) gained by 8.96 percent to close at $17.39 on Monday. The shares had recorded an intraday high of $17.50 per share and intraday low of $16.16 per share during the day. With last trading session, shares Barnes & Noble, Inc. (NYSE:BKS) had 52 week high of $23.71 and 52 week low price of $11.17 per share.

Barnes & Noble, Inc. (NYSE:BKS) had been trading with huge volumes at 2.18 million shares on Monday, while the average level of trading in the company is only 1.59 million shares per day. With 58.71 million shares outstanding in the market, Cobalt Barnes & Noble, Inc. (NYSE:BKS) presently has a market cap of $1.02 billion and an institutional ownership at 63 percent of total capital.

Barnes & Noble, Inc. (NYSE:BKS) is a bookselling company that operates in the commerce, technology and content related areas of book selling and enables the customers to access newspapers, magazine, books and other content through multi-channel distribution platform. Barnes & Noble, Inc. (NYSE:BKS) operates in three segments of NOOK, B&N College and B&N Retail.

The Nook segment of company is planning for a spin off through partnership agreements so as to reduce the loss incurred by Barnes & Noble, Inc. (NYSE:BKS) through this segment’s operation in the tablets market. The company had further reduced its related spending in the Nook segment by 34 percent in this year. The company reported a 5.9 percent decline in revenue year on year. The college segment of Barnes & Noble, Inc. (NYSE:BKS) had emerged to be the company’s fastest-growing business segment which had contributed for business growth of 10.7 percent. Barnes & Noble, Inc. (NYSE:BKS) had thereby decided to reduce the spending on Nook segment, close down the loss making retail stores and thereby focus better on the college book campus business segment.