Net Bookseller's Shares Soar
Shares of Books-A-Million Inc. shot up 160 percent Wednesday after the book retailer reworked its Web site to improve its usability.
Books-A-Million (BAMM) said the new site offers "some of the best book prices" on the Internet, combined with enhanced editorial content, featuring more book reviews and information.
Shares of the Alabama company advanced 7 to 11 3/8."Our retail stores have always offered a tremendous selection at a great value to our customers," said Chief Executive Officer Clyde B. Anderson, in a press release.
The book chain operates more than 170 stores throughout the southeastern states.
Through the company's retooled Web site, he added, "we hope to extend this franchise to a broader audience." The company said it will continue to add new products and features in the months ahead.
Other "micro" Internet stocks, such as the online grocer Peapod (PPOD) and the travel site operator Preview Travel (PTVL), also rose sharply Wednesday. Investors appeared to be bracing for an onslaught of electronic commerce during the holiday shopping season, which traditionally begins the day after Thanksgiving.
Cyberian Outpost (COOL) shares jumped 4 3/8 to 42 a day after the stock soared 12 5/8 to 37 5/8. The company's CEO told CNBC that the online computer-retailing business has grown about 40 percent a quarter since May 1995 by targeting customers overseas.
Written By Cecily Fraser, CBS MarketWatch