MAIN NEWS HEADLINES
March 14 – March 20, 2008 Edition
Barnes & Noble
Chairman Buys More
Stock as Earnings Dip
NEW YORK, NY/3/10/08The chairman of Barnes & Noble Inc., which operates the world’s largest chain of retail book stores, bought 890,000 shares of stock, according to a Securities and Exchange Commission filing Friday, just days after the company’s stock was downgraded.
The Associated Press said that in a Form 4 filed with the SEC, Leonard Riggio reported he bought the shares for an average price of $26.42 to $27.37 apiece on Wednesday, Thursday and Friday.
Insiders file Form 4s with the SEC to report transactions in their companies’ shares. Open market purchases and sales must be reported within two business days of the transaction, the AP said.
Only last week, Credit Suisse downgraded the stock rating for Barnes & Noble from "outperform" to "neutral," and reduced the bookseller’s target price from $43 to $30.
Credit Suisse has downgraded the stock rating for Barnes & Noble, Inc. from "outperform" to "neutral," and has reduced the bookseller’s target price from $43 to $30. Stock prices are expected to be below the anticipated $1.70-$1.90 earnings price per share.
The company, based in New York.