Rovi Corporation
 (ROVI)

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  • Dec. 24, 2015, 2:37 PM
    | Dec. 24, 2015, 2:37 PM | 8 Comments
  • Dec. 23, 2015, 12:46 PM
    | Dec. 23, 2015, 12:46 PM | 10 Comments
  • Dec. 23, 2015, 9:56 AM
    • ROVI is skyrocketing following news it has inked a 7-year renewal and expansion of its AT&T licensing deal. With 12.9M shares (16% of the float) shorted as of Nov. 30, short-covering is likely helping.
    • JPMorgan's Sterling Auty has added the program guide/content-protection IP owner to his Focus List. He thinks the AT&T deal increases the odds Comcast and Dish will renew rather than go to court.
    | Dec. 23, 2015, 9:56 AM
  • Dec. 23, 2015, 9:09 AM
    • ROVI's new licensing deal with AT&T both extends existing product agreements, and provides Ma Bell with global access to Rovi's program guide/content discovery patent portfolio. Terms are undisclosed.
    • Rovi has jumped to $12.99 premarket. Shares still -42% YTD.
    • Last month: Rovi director buys 10K shares
    | Dec. 23, 2015, 9:09 AM
  • Nov. 23, 2015, 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.
    | Nov. 23, 2015, 3:05 PM
  • Nov. 9, 2015, 6:40 PM
    • Genworth Financial (getting dropped from the S&P 500) is taking ROVI's spot in the S&P MidCap 400 following the Nov. 17 close. Rovi, in turn, will take Penn Virginia's (NYSE:PVA) spot in the S&P SmallCap 600.
    • Penn Virginia has fallen to $0.75 after hours. Rovi hasn't yet moved.
    | Nov. 9, 2015, 6:40 PM | 1 Comment
  • Oct. 29, 2015, 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
    | Oct. 29, 2015, 10:07 AM
  • Aug. 25, 2015, 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.
    | Aug. 25, 2015, 9:55 AM
  • Jul. 31, 2015, 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
    | Jul. 31, 2015, 3:16 PM
  • Jul. 16, 2015, 12:46 PM
    | Jul. 16, 2015, 12:46 PM | 1 Comment
  • Jul. 16, 2015, 9:15 AM
    | Jul. 16, 2015, 9:15 AM
  • Jul. 16, 2015, 9:13 AM
    • 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
    | Jul. 16, 2015, 9:13 AM | 1 Comment
  • Jun. 29, 2015, 3:38 PM
    • A long list of tech companies are posting big declines as the Nasdaq drops 2.2% amid a market rout triggered by expectations of a pending Greek default.
    • 6%+ decliners include program guide/content protection IP firm Rovi (ROVI -9.5%), ultracapacitor maker Maxwell (MXWL -8.2%), wireless charging tech developer Energous (WATT -9%), cybersecurity hardware/software provider KEYW Holding (KEYW -8.5%), LED sapphire wafer maker Rubicon (RBCN -10.8%), IP licensing firm WiLAN (WILN -7.1%), security software provider Wave Systems (WAVX -11.6%), online video hosting platform Brightcove (BCOV -7%).
    • In a repeat of Friday's trading, many Chinese tech names are also off sharply. The group includes mobile app developer Cheetah Mobile (CMCM -9.7%), e-commerce services firm Baozun (BZUN -8%), online travel agency eLong (LONG -15.3%), and online retailer LightInTheBox (LITB -7.8%).
    • See also: LinkedIn, Yandex/Qiwi, solar stocks, Xoom, AppliedMicro
    | Jun. 29, 2015, 3:38 PM | 2 Comments
  • Jun. 15, 2015, 5:40 PM
    | Jun. 15, 2015, 5:40 PM | 2 Comments
  • Apr. 20, 2015, 10:21 AM
    • ROVI has inked a multi-year renewal of its program guide licensing deal with U.S. cable provider Charter. As part of the deal, Charter will "also be able to license Rovi's products and services, including Rovi Search, Recommendations and Conversation Services, Rovi Metadata and Rovi Analytics."
    • Rovi's beaten-down shares have rallied strongly in response; they closed on Friday less than $1 away from a 52-week low of $17.03. Q1 results arrive on April 30.
    • Last week: Rovi activist issues new letter
    | Apr. 20, 2015, 10:21 AM
  • Apr. 16, 2015, 1:35 PM
    • Three weeks after submitting a slate of 3 directors for election at Rovi's (ROVI -2.5%) May 13 annual meeting, Engaged Capital (0.6% stake) has issued a new letter accusing Rovi's board of having "all the hallmarks of a broken and unaccountable governance structure that has incubated poor decision making and led to the continued destruction of shareholder value."
    • To back up its argument, Engaged notes the poor performance of Rovi's shares over the last 5 years, and asserts the board and management "have netted approximately $48 million in cumulative compensation" since the 2011 Sonic Solutions merger. It also notes average board tenure is 10 years, and claims directors lack needed video/software industry experience.
    • The letter comes a day after Rovi announced its voice recognition/UI software will be integrated with Dish's mobile apps and Hopper Voice Remote. Q1 results are due on April 30.
    | Apr. 16, 2015, 1:35 PM
Company Description
Rovi Corp is engaged in the of discovery, delivery, display and monetization of digital entertainment by providing a broad set of integrated solutions.