New Amazon Kindle Pressures Chains - TheStreet

New Amazon Kindle Pressures Chains

Shares of both Barnes & Noble and Borders take hits after reports surface that Amazon plans to launch a new Kindle version.
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NEW YORK (

TheStreet

) --

Amazon's

(AMZN) - Get Report

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

Bloomberg

this weekend -- shares of

Borders

(BGP)

and

Barnes & Noble

(BKS) - Get Report

promptly tanked during Tuesday's session.

The Kindle won't have a touchscreen or color, according to

Bloomberg

, 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

Apple

(AAPL) - Get Report

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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