Barnes & Noble, Sirius, Broadcom: Premarket Movers
NEW YORK (TheStreet) -- Barnes & Noble (BKS) shares surged in premarket trading on Monday after the bookseller unveiled a major partnership with Microsoft (MSFT) which aims to boost its e-book business.
The companies announced that Microsoft is making a $300 million investment for a 17.6% stake in a new Barnes & Noble (BKS) subsidiary.
The subsidiary, referred to as Newco in a statement from the two companies, will bring together Barnes & Noble's digital and college businesses. The partnership will also see the launch of a Nook application for Windows 8.
"The formation of Newco and our relationship with Microsoft are important parts of our strategy to capitalize on the rapid growth of the NOOK business, and to solidify our position as a leader in the exploding market for digital content in the consumer and education segments," said William Lynch, Barnes & Noble CEO, in a statement.
Barnes & Noble shares climbed more than 92% to $26.37 before market open. Microsoft's stock was up 0.19% to $32.04. Sirius XM (SIRI), which reports its first-quarter results before market open on Tuesday, crept up 0.45% to $2.22 in premarket trading. The satellite radio giant was also one of the most active Nasdaq stocks on premarket share volume of 391,780. Apple (AAPL) partner Broadcom (BRCM), which reports its first-quarter results after market close on Tuesday, was up 0.25% to $36.56, boosted by an uptick in the chip market. --Written by James Rogers in New York. >To follow the writer on Twitter, go to http://twitter.com/jamesjrogers. >To submit a news tip, send an email to: tips@thestreet.com. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices.Select the service that is right for you!
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