Online bookstore Fatbrain.com (Nasdaq; FATB) was a big winner on Tuesday after the company unveiled its eMatter program, which allows authors to publish and sell works online, earning royalties on every copy sold. Fatbrain.com hopes the new service will also be a way for small publishers to market their works. Shares of Fatbrain.com climbed more than 60 percent after the news, closing up 9-1/16 to 24-1/16.
The stock also benefited from the fact that Banc of America Securities (subsidiary of Bank of America Corp.) raised its rating on Fatbrain.com to strong buy from buy. Fatbrain.com is close to surpassing Banc of America’s price target of $25. Fatbrain.com also got positive coverage from influential BancBoston Robertson Stephen’s analyst Keith E. Benjamin, who reiterated his buy rating on the company.
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