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Originally Posted by cassidym
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Ouch!
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In a note to clients, S&P Capital IQ said, “We think this portends greater market share losses for the Nook over the medium term” and downgraded its recommendation on Barnes & Noble stock from hold to sell. Barclays said in a note that the Nook’s precipitous decline was “quite concerning” and “below even our modest expectations.”
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Even cheerleader Shatzkin sees big trouble:
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“They are not selling the devices, they are not selling books and traffic is down,” said Mike Shatzkin, the founder and chief executive of Idea Logical, a consultant to publishers. “I’m looking for an optimistic sign and not seeing one. It is concerning.”
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One bit of interesting news in there:
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The declining retail numbers were also troubling when viewed in the context of a rise in sales among independent booksellers. The American Booksellers Association, which has not yet released official holiday sales, estimated Thursday that its members’ sales would be up about 8 percent over last year.
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It seems that, for a change, Indies are eating B&N's lunch.
That suggests yet another problem for B&N: that the format changes and Nook emphasis in the bookstores might be driving B&M pbook buyers elsewhere.