Borders will be launching the first phase of their online site to the
public some time in August or September. This in combination with
increased sales from Harry Potter related store visits, plus the
holiday season ahead, plus the release of the full fledged version of
the online site in Februrary 08 - is all good news. I'd say this is a
great time to buy.

Unfortunately, Borders is only years too late in launching their
website.  They tried back in the late 90's, way after Amazon.com and
B&N.com, and lost substantial amounts of money on lackluster net
sales.  That is the reason they finally gave up and threw in the towel
and partnered with Amazon.com.  To attempt a profitable comeback so
long after these two major competitors have established and entrenched
themselves is a recipe for negative revenue.

The sales of Harry Potter were strong, but on razor thin margins, and
most people who walked into bookstores were there to buy HP, not to
drop a lot of money on anything else.  Thanks to the downward pricing
pressure applied by Amazon, B&N, Costco, Sam's Club, et al, HP was a
break even proposition at best, even with additional add-on sales.
The holiday season is where every retailer makes or breaks for the
year.  Look for Borders to have only modest gains in the 4th quarter
as increased pressure from Internet retailing takes another chunk out
of brick and mortar sales (full fledged release of the new website in
February '08 is 4 months too late).
No, this is NOT a great time to buy- I'd continue to watch the stock
drop in the range of 8-10 year lows before I'd consider buying into
this company- that is if they haven't been bought out by another
retail entity or been taken private by an investment firm.