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Edition: U.S. Article Comments (2) Save Email Print Reprints Most Popular Most Shared Heavy rain in Miami forces changes in Super Bowl plans 01 Feb 2010 UPDATE 1-US missile test mimicking Iran strike fails 01 Feb 2010 WRAPUP 1-Australia cenbank skips a hike, in huge surprise 12:00am EST U.S. seeks calm as China fumes over Taiwan arms | Video 01 Feb 2010 U.S. expanding missile defenses in Gulf 31 Jan 2010 Pork better for sex than Viagra? 28 Jan 2010 Big banks' risky trading should be curbed: Volcker 01 Feb 2010 Dealmaking back in fashion, as CEOs buy growth 01 Feb 2010 Can fish oil help guard against schizophrenia? 01 Feb 2010 Heavy rain in Miami forces changes in Super Bowl plans 01 Feb 2010 Amazon loss on e-book pricing could fuel trend Alexandria Sage SAN FRANCISCO Mon Feb 1, 2010 6:50pm EST Related News RPT-UPDATE 1-Amazon gives in to Macmillan on e-book pricing Sun, Jan 31 2010 Amazon blows by estimates, sees strong first quarter Fri, Jan 29 2010 UPDATE 3-Amazon holiday profit beats, sees strong 1st qtr Thu, Jan 28 2010 Instant view: Microsoft, Amazon post strong quarters Thu, Jan 28 2010 Apple pitches $499 iPad, takes on Amazon Thu, Jan 28 2010 SAN FRANCISCO (Reuters) - A pricing battle lost by Amazon.com Inc to a top publisher may herald pressure from other publishers, compromising low e-book prices which could potentially hit sales volume growth for its Kindle e-reader. Technology | Hot Stocks | Media The news highlighted for the first time that the world's largest online retailer, and its market-leading Kindle, could soon be challenged by new rival Apple Inc in the mass transition to digital books. Amazon's shares fell as much as 9 percent in the regular session before closing down 5.21 percent. It fell another 2.4 percent to $115.98 after hours. "The thought is: Will other publishers now want to re-price their offerings on Amazon.com, which could affect their entire business model," said TD Ameritrade chief derivatives strategist Joe Kinahan. The advent of Apple's highly touted iPad into the burgeoning digital book market has already set off a chain reaction, with publishers anxious to protect their profit margins against Amazon's desire for low prices. On Sunday, Amazon alerted customers that it had bowed to pressure from publisher Macmillan, which insisted on charging $12.99 to $14.99 for its books sold at the Kindle e-reader bookstore rather than Amazon's standard $9.99. The pricing reflects terms agreed upon by five of the six top publishers for selling e-books on Apple newly unveiled iPad multimedia tablet, the New York Times reported. Amazon has long touted low prices and selection as its primary appeal to consumers, who helped push Amazon's revenue up 42 percent in its most recent fourth quarter. Book pricing has been key to pushing growth of the Kindle since its launch in 2007, but has also put Amazon at odds with publishers. Major publishing houses have complained that low prices on digital versions of its titles will cannibalize sales of higher-priced hardback copies. Amazon's dominance in e-books gave it the clout to demand lower prices; that is, until Apple emerged on the scene with the iPad and an iBookstore last week. BGC Partners analyst Colin Gillis called the concession to Macmillan "just the first repercussion to Amazon's Kindle and e-book franchise from the recently announced Apple product." For its part, Amazon may have set itself up for disappointment by touting the Kindle's success, without providing supporting data. Last month, Forrester analyst James McQuivey told Reuters the stock could fall as much as 20 percent at the hint of Kindle's weakness. On Monday, market watchers were surprised at Amazon's steep descent. "The stock has technically broken down and it's just a matter of sellers piling up on sellers," said Michael James, senior trader at Wedbush Morgan in Los Angeles. Meanwhile, shares of Amazon rival Barnes & Noble, the bookseller whose Nook e-reader hit the market just before Christmas, rose 17 percent in after-hours trade on Monday after investor Ronald Burkle sought to raise his stake. SELL-OFF OVERDONE? Amazon does not disclose sales or profit data about the Kindle, only saying that millions of people have bought the device. Some analysts believe Amazon sells the $9.99 titles at a loss, and recoups that through sales of its readers. That means that the higher sale price demanded by Macmillan will boost Amazon's e-book profit margin, noted at least two analysts who believe the sell-off in shares appeared overdone. "Though Kindle revenue growth could be negatively impacted, higher prices would improve profitability," wrote UBS analyst Brian Pitz, adding that Amazon's "significant" pricing leverage should not be underestimated. "The iPad is still untested as a reading device and we believe there is room in the market for dedicated eReaders," he said, reiterating a constant refrain from Amazon that Kindle customers are for dedicated, rather than casual, readers. J.P. Morgan's Imran Khan, meanwhile, wrote that if prices on e-books were to rise to $14.99 from $9.99, volume would have to fall by more than a third in order for revenue to decline. "We don't expect a material EPS impact," he wrote. An Amazon spokesman cited the company's policy not to comment on share movement. Apple rose 1.4 percent to $194.73 on Nasdaq. (Additional reporting by Doris Frankel; Editing by Lisa Von Ahn, Maureen Bavdek and Richard Chang) Technology Hot Stocks Media Comments See All Comments (2) | Post Comment Feb 01, 2010 Duh, if the price went from 9.99 to 14.99 the volume would have to decrease by > 50% for revenue to decline. So the article is correct, but vastly underestimates the needed decline. phillman5 Report As Abusive Feb 01, 2010 At $9.99, I found it easy to click “buy” and have purchased more books since getting my Kindle than at any other time. Raise the price to $14.99 — or even $12.99 and I’ll be more inclined to visit my local library and haunt the used bookstores. MacMillan may yet discover that it is a Pyrrhic victory. deathpixie Report As Abusive See All Comments (2) Add a Comment More from Reuters Big banks' risky trading should be curbed: Volcker WASHINGTON (Reuters) - White House adviser Paul Volcker will urge Congress to curb the risks taken by large banks to help prevent them from being treated as "too big to fail," according to testimony obtained by Reuters on Monday. Asia shares rebound; resource stocks surge | Video Jan retail sales seen up, clues sought on Q1 Boeing sees aircraft order book shrinking Obama's 2010 budget: deficit soars amid job spending | Video Nikkei rises 1.6 percent on yen and Toyota » More Top News ANALYSIS: Clampdown fears stalk China Global markets got jittery when China tightened its lending, but investors are ignoring one important thing. Full Article What's next for China monetary policy? Five risks to watch in China Fretting over inflation in Asia Global Markets The powers driving India Inc. One's a media baron who took on Rupert Murdoch -- and won. Another founded a company ranked with Facebook in global influence. Meet the business icons of India. Commentary India factories buzzing, recovery intact India © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Analyst Research Mobile Newsletters RSS Podcasts Widgets Your View Labs Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts.com Buyouts Europe: Buyouts Conferences: Venture Capital Journal EVCJ International Financing Review International Securitisation Report Project Finance International PEhub.com PE Week Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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