Online book seller barnesandnoble.com (Nasdaq: BNBN) launched a new online music store on Wednesday, but Wall Street barely noticed. Shares of barnesandnoble.com climbed just 7/16 to 17-11/16 after the news. This has to be disappointing for shareholders of barnesnoble.com, which is still struggling mightily to get out of the shadow of e-commerce leader Amazon.com (Nasdaq: AMZN).
Barnesandnoble.com stock is still trading below its public offering price of $18 when the company went public on May 25th. The stock closed its first day of trading at 22-15/16 and has struggled ever since.
Amazon.com fell 5 to 121-7/8 on Wednesday, but it’s still worth nearly $20 billion, more than eight times what barnesandnoble.com is worth. It’s obvious that Amazon.com is still the clear leader in this space, and it’s going to take a lot more than a music store for barnesandnoble.com to change things.