2.31%C 7.40 5.37%QQQQ 27.81 2.83%
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ANN ARBOR, Mich. - Shares of Borders Group Inc. soared almost 20 percent Wednesday following the bookseller's better-than-expected earnings for the second quarter.
| BGP | 0.66 |  -0.02 |
Borders said late Tuesday that it narrowed its losses in the second quarter, losing $9.2 million, or 15 cents a share, compared with a loss of $25.1 million, or 43 cents a share for the same quarter of last year.
The company, which has been restructuring and selling some business units, said that it lost $11.3 million, or 19 cents a share, from its continuing operations, compared with a loss of $18.1 million, or 31 cents a share, last year.
Analysts polled by Thomson Reuters had anticipated a second-quarter loss of 29 cents per share, on average.
Total revenue fell to $758.5 million from $812.4 million. Borders said comparable-store sales for the quarter fell 8.9 percent, due in part to the release of a book in the Harry Potter series last year and current declines in music sales.
Borders shares gained $1.03, or 19 percent, to $6.39.
U.S. stocks were mixed on Thursday after retailers reported mostly disappointing sales while other big-name companies announced layoffs and Europ...
China markets opened lower on Tuesday morning as the investors' confidence hit by the signals that global recession are deepening.
The markets have spoken: risk aversion is still the name of the game and that was obvious since the beginning of the week.
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