That's kind of what i'm thinking. I think the NOOK biz is worth more actually (BKS owns like 75% at 1.7b mkt cap), BKS really should spin off the NOOK soon as they guaranteed MSFT and Pearson a $1.7 billion market cap. With the stock market at all time highs (if you back out Citi, AIG, BAC, and GE) it seems like an insanely good time to do the spinoff. Could be why they moved the earnings date out a week.