Barnes & Noble Shares Continue To Fall From Opening High
Shares of Barnes & Noble (NYSE: BKS) have soared on Monday after the company announced a $300 million investment from Microsoft in a new unit of the company. At last check, the stock had risen around 57% to $21.46. Despite the huge jump, BKS has fallen dramatically from highs seen in Monday's pre-market, where the stock was up more than 100% at one point, and the opening print.
Shares opened the session at $25.79 and traded above $28.00 briefly in the pre-market. Much of the early trading in the name was likely short-sellers covering their wrong way bets at steep losses. In recent days, as much as 71% of the stock's float had been sold short.
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