On the one hand, Penguin (PSO) has many reasons to feel good right now. A preliminary first-quarter earnings report released by its parent company, Pearson, pointed to the Big Six book publisher's "good start to the year" in the U.S. and the U.K., and noted that "growth in demand for eBooks also remains very strong." Meanwhile, Penguin and Apple (AAPL) have begun what appears to be a beautiful friendship, and other online retailers appear to be ready to sell the company's e-books again after a protracted delay.
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