Wall Street Already Anticipating Book Seven
May 24, 2006
Wall Street is already anticipating the release of Book Seven as stocks of Scholastic rose today after a positive review of the company. The AP reports that Stifel Nicolaus reviewed several book publishers, and Scholastic stocks were rated as “buy,” as they eye the future for the publishers of the Harry Potter books. Quotage:
“Crum was particularly bullish on Scholastic. The company is known for its children’s book titles, such as the “Harry Potter” and “Baby-Sitters Club” series, which he believes will fuel future sales at the publisher. Shares added 7 cents to $26.07 in morning trading on the Nasdaq before retreating back to their opening price of $26 later in the session.
“We are compelled by the potential upside in the shares given the impending publication of ‘Harry Potter’ number seven, when considering the stock’s history of advancing and peaking ahead of a book release,” he said.
Scholastic shares have traded within a 52-week range of $25.35 to $39.74.”