Barnes & Noble Spikes Higher After WSJ Reports Bid From Elliott Could Come Soon

Bookseller Barnes & Noble, Inc. (NYSE: BKS) shares spiked sharply higher following a Wall Street Journal report that hedge fund Elliott Management is a lead bidder in an auction for the company.

According to the report, the full terms of a potential sale couldn't be learned but Barnes and Noble is "nearing a deal" to be bought by the hedge fund.

Barnes and Noble shares traded up 26 percent to $5.79 sat time of publication.