You might not be losing IQ watching the financial crisis unfold on CNBC but you’re probably reading fewer books. That’s the theory of analysts at JP Morgan who have lowered their earnings estimates for Barnes & Noble, which they rate as “underweight.”
According to the analysts, “a full slate of distracting media events including the Olympics, an active hurricane season, the financial credit crisis (“CNBC Effect”), and Presidential campaign trail makes for a difficult selling environment for books as retailers compete for customer mindshare.”
Maybe the goverment will bailout booksellers.
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