NEW YORK (
newest Kindle, which will reportedly go on sale later this summer, has already taken its toll on the big bookstore chains.
After word emerged that Amazon plans to unveil in August a thinner version of its Kindle -- news first reported by
this weekend -- shares of
Barnes & Noble
promptly tanked during Tuesday's session.
The Kindle won't have a touchscreen or color, according to
, but its pages will turn faster and it will have a sharper display.
Both Borders and Barnes & Noble have e-readers of their own but have faced much stiffer competition after
launched its iPad in April.
Apple has already sold two million iPads, and investors appear to believe that a new Kindle will only further pressure the chains.
Shares of Borders were tumbling 11% to $1.75, while Barnes & Noble was losing 7.4% to $18.73.
Amazon's stock, meanwhile, was slipping 1.2% to $123.91.
Reported by Jeanine Poggi in New York.
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