Yesterday, 3:05 PM
- Nathaniel Lucas discloses he bought 10K ROVI shares last Thursday at $10.42, bringing his total stake to 35,214.
- The purchase comes less than a month after Rovi plunged in the wake of a Q3 miss blamed on the end of a licensing contract with a consumer electronics OEM.
- Activist Engaged Capital (won two board seats in May)has continued buying Rovi shares since the Q3 report. Following its most recently-disclosed purchase (on Nov. 10), Engaged owned 1.04M shares.
Mon, Nov. 9, 6:40 PM| Mon, Nov. 9, 6:40 PM | 1 Comment
Thu, Oct. 29, 10:07 AM
- On its earnings call (transcript), ROVI attributed its Q3 miss to the end of a licensing contract with an unnamed major consumer electronics manufacturer. The company insists it's "engaged in productive licensing discussions" with the manufacturer, and is on track to have it back under license by year's end.
- Rovi is reiterating full-year guidance for revenue of $500M-$530M and EPS of $1.35-$1.60; consensus is at $513.9M and $1.50. However, the company adds the low end of the revenue guidance range assumes it renews its license with the consumer electronics manufacturer. "To reach the midpoint or upper end of this range we must close one or more of the licensing deals we mentioned last quarter that we are currently actively negotiating."
- Separately, Variety reports Rovi's Fan TV content-discovery app/video search engine unit has discontinued its Fan TV set-top, originally launched in 2013. “We’ll be transitioning folks to our recently launched Android TV app over the next four weeks," says Fan TV founder Gilles BianRosa.
- Rovi has tumbled to fresh multi-year lows.
- Q3 results, PR
Wed, Oct. 28, 4:22 PM
Tue, Oct. 27, 5:35 PM
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Fri, Oct. 16, 12:50 PM
- Rovi (ROVI +0.5%) director Glenn Welling discloses he bought 22.3K shares yesterday at $11.14, bringing his total indirect stake to 673.7K. (Source: InsiderInsights.com). Welling is the chief investment officer at activist Engaged Capital, which won two board seats in May.
- The purchase was made more than 50% below where Rovi traded to start the year, and comes ahead of the program guide/IP licensing firm's Oct. 28 Q3 report.
Tue, Oct. 13, 11:03 AM
- Rovi (ROVI +1.7%) has extended its "multi-year, multi-territory" patent licensing deal with European pay-TV provider Sky (has 21M subscribers across 5 countries). The deal covers Rovi's core program guide/content discovery patent portfolio.
- A renewal with Time Warner Cable was announced last month. Q3 results arrive on Oct. 28.
Tue, Sep. 15, 2:06 PM
- Nuance's (NUAN +0.4%) Dragon Drive voice assistant platform will be used to power weather, Web radio, local search, and dictation apps and services in select Mercedes-Benz models starting this month. Additional models will be supported later.
- Nuance's voice recognition software is already integrated within Mercedes-Benz infotainment systems; the new deal adds cloud-based speech and natural language recognition. Other Dragon Drive clients include Chrysler, Ford, Toyota, and Hyundai.
- The news comes a day after Nuance announced a partnership with Rovi (ROVI +0.6%) to integrate its Dragon TV voice recognition platform with Rovi's cloud-based Conversation Services, which enable voice-based content searching and discovery.
Tue, Aug. 25, 9:55 AM
- Believing shares can double or even triple from current beaten-down levels, JPMorgan has upgraded ROVI to Overweight, and set a $23 target.
- The firm adds it expects Rovi, stung this year by Netflix-related legal setbacks, to see positive outcomes for contract renewals with AT&T, Dish, and Comcast.
- Shares remain down 54% YTD. They trade for just ~5x a 2016 EPS consensus of $2.07. Over $700M worth of net debt is on the balance sheet.
Fri, Jul. 31, 3:16 PM
- In addition to missing Q2 revenue estimates (while posting in-line EPS), ROVI has guided for 2015 revenue of $500M-$530M and EPS of $1.35-$1.60, below a consensus of $546.6M and $1.70. The low end of the guidance range assumes no new/one-time revenue sources, something Rovi considers "unlikely."
- The company plans to spend $50M on buybacks in Q3. Following today's selloff to new 52-week lows, that $50M should go further. Shares trade for 7.6x the midpoint of Rovi's 2015 EPS guidance range.
- Q2 results, PR
Thu, Jul. 30, 4:15 PM
Thu, Jul. 16, 12:46 PM
Thu, Jul. 16, 9:15 AM
Thu, Jul. 16, 9:13 AM
- ROVI states the judge handling its infringement suit against Netflix (NASDAQ:NFLX) granted a Netflix motion for summary judgment, ruling the 5 patents asserted in the case are "invalid on the grounds that they are not directed to patentable subject matter," based on a 2014 Supreme Court ruling that set limits on software patents. (Press Release)
- The judge's claim construction ruling largely went in Rovi's favor, with Rovi's proposed constructions adopted for 8 of the 9 disputed claim terms. Rovi adds the court also "rejected attempts by Netflix to limit the scope of the patents to the area of broadcast television."
- Not surprisingly, Rovi plans to appeal the invalidity ruling. Shares have tumbled to $15.37.
- B. Riley is defending Rovi. "ROVI shares are already pricing in the worst case scenario of that litigation ... We fully expect ROVI to 'appeal” this ruling by bringing additional patents into the litigation against NFLX ... 'Given that the “Big 4' license renewal discussions (Comcast, Time Warner Cable, Dish Network and DirecTV) cover a set of patents with significantly broader reach and use-cases than the original five involved in the NFLX litigation, we continue to believe this ruling is unlikely to have any impact on those discussions."
- Prior Rovi/Netflix coverage
Wed, Jul. 15, 12:12 PM
Tue, Jul. 14, 2:11 PM
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