With Hillary Clinton’s book “wildly popular” and the new Harry Potter book right around the corner, things are looking up for everyone associated with the book trade:
- The publication of “Living History,” the memoir of the Democratic U.S. Senator from New York and former First Lady, has sparked some record-busting sales and massive public attention.
Clinton signed books for hours at a Barnes & Noble store in midtown Manhattan on Monday and appeared on television this week with prominent interviewers ranging from ABC’s Barbara Walters to NBC’s Katie Couric and CNN’s Larry King.
All of this nationwide interest focused on books — often the less-than-glamorous ugly duckling of the media, publishing and entertainment sector — spells very good news for the shares of stocks of booksellers.
On Tuesday, Barnes & Noble rose 22 cents to $22.85. Borders added 35 cents to $16.80. Electronic retailer Amazon.com also gained 39 cents to $34.07. Wal-Mart jumped 97 cents to $54.76.
Viacom, whose Simon & Schuster unit published Clinton’s book, moved up 45 cents to $46.20. Viacom is a significant investor in MarketWatch.com, the publisher of this report.
The Clinton book sold about 200,000 copies on Monday, the first day of its release, according to Simon & Schuster. The publisher paid had Clinton the huge sum of $8 million for the rights to publish her long-awaited memoirs. [CBS MarketWatch]
Hil and Har to he rescue.