Barnes & Noble
Barnes & Noble (BKS - Get Report) is engaged in sale of trade books, mass market paperbacks, children's books, bargain books, magazines, gift, music and movies direct to customers. This stock is trading up 9.9% at $14.85 in recent trading.
Today's Volume: 4.97 millionAverage Volume: 1.46 million Volume % Change: 440% Shares of BKS are soaring higher today after the company said it received a proposal from founder, largest shareholder and board chairman Leonard Riggio to buy its retail business and that it is evaluating the plan. From a technical perspective, BKS is gapping sharply higher here back above both its 50-day moving average at $13.96 and its 200-day moving average at $14.49 with heavy upside volume. This move has also pushed shares of BKS into breakout territory, since the stock has taken out some near-term overhead resistance at $14.74. At last check, BKS has hit an intraday high of $15.50 and volume is well above its three-month average action of 1.46 million shares. Traders should now look for long-biased trades in BKS as long as it's trending above its 200-day at $14.49 or that breakout level at $14.74, and then once it sustains a move or close above its next major breakout levels at $15.50 to $16 with volume that hits near or above 1.46 million shares. If that breakout triggers soon, then BKS will set up to re-test or possibly take out its next major overhead resistance level at $17.27 to $17.68. Any high-volume move above those levels will then put $19 to $19.50 into range for shares of BKS. To see more stocks rising on unusual volume, check out the Stocks Rising On Unusual Volume portfolio on Stockpickr. -- Written by Roberto Pedone in Winderemere, Fla.
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