Barnes & Noble Set To Open 4% Lower (BKS)

Barnes & Noble, Inc. BKS is set to open lower this morning, to the tune of over 4% after a very weak quarter, and weak guidance. Sales for the second quarter came in at $1.91 billion, below Wall Street estimates of $1.98 billion. The company reported a net loss of 22 cents per share, far worse than the 8 cent loss Wall Street expected. CEO William Lynch was positive on the Nook, the company's e-reader. “Selling digital content is becoming a big business for us that we expect to grow at exciting rates." Barnes and Noble expects to earn between 90 cents and $1.20 per share, below Wall Street's estimates of $1.29. For the full year, Barnes and Noble expects to lose between 75 cents and $1.15 per share, substantially worse than than the 40-cent net loss analysts are expecting.