Thu, Mar. 26, 10:01 AM
- Engaged Capital, owner of a 0.6% stake (modest by activist standards) in ROVI, has submitted a slate of three directors for election at the company's May 13 annual meeting.
- The activist notes the board collectively owns just 0.2% of Rovi's shares, and says it has "sought to work with the Board to improve strategy, cost structure, capital allocation, executive compensation and corporate governance."
- Meanwhile, Rovi has issued a statement regarding yesterday's Netflix suit hearing, which triggered a 12% drop. "No decision was made and we remain confident in our arguments and look forward to the judge’s decision, which is expected sometime in the next couple months."
Wed, Mar. 25, 4:09 PM
- ROVI tumbled over the final hour of trading as a hearing for the company's infringement suit against Netflix took place. Netflix has been seeking a summary judgment of non-infringement.
- Rovi received an unfavorable ITC ruling for an infringement suit against Netflix and Roku back in 2013, and saw a non-infringement ruling for a suit against Amazon upheld last year. Rovi has accused all three firms of infringing its program guide patents.
- Shares are down 16% over the last two days.
Tue, Mar. 24, 3:18 PM
- Today's notable tech gainers include chip packaging/testing firm ChipMOS (IMOS +3.7%), and headphone maker Skullcandy (SKUL +3.9%), mobile banking tech provider Mitek (MITK +6.5%), search toolbar/mobile ad platform provider Perion (PERI +8.8%), Chinese social network/game provider Renren (RENN +4.8%), peripherals giant Logitech (LOGI +4%), security IP licensing firm Finjan (FNJN +13.7%).
- Notable decliners include e-commerce services firm ChannelAdvisor (ECOM -5.6%), program guide/content protection IP firm Rovi (ROVI -4.3%), telecom equipment vendor Calix (CALX -3.5%), and Fibre Channel/Ehternet switch vendor Brocade (BRCD -3.4%).
- Likely helping Finjan: An H.C. Wainwright note stating the company has committed $5M to a Jerusalem Venture Partners (JVP) cybersecurity fund; Alibaba announced yesterday it's investing in JVP. Logitech announced a $100 wireless mouse today. Skullcandy is once more within striking distance of a 52-week high of $11.83.
- Previously covered: Twitter, solar stocks, Sonus/AudioCodes/BroadSoft, Neonode, Arista, Taser, Ciena, Zagg, Gogo, Digital Ally
Wed, Mar. 18, 3:05 PM
- Today's notable tech gainers include data protection software vendor Imperva (IMPV +3.5%), supercomputer maker SGI (SGI +5.3%), analog/mixed-signal chipmaker MagnaChip (MX +6.1%), enterprise cloud healthcare software vendor Castlight (CSLT +7.6%), program guide/content protection IP provider Rovi (ROVI +5.8%), cloud contact center software vendor Zendesk (ZEN +5%), and Web site owner Demand Media (DMD +4.6%). The Nasdaq is up 0.8% following Janet Yellen's market-pleasing remarks.
- Notable decliners include Chinese EV maker Kandi (KNDI -3.4%), RF backhaul hardware maker DragonWave (DRWI -7.6%), NAND flash controller/4G RF transceiver maker Silicon Motion (SIMO -3.2%), and online money transfer provider Xoom (XOOM -4.9%).
- Castlight is now up 13% from Friday's close. Rovi, rumored to be weighing strategic options, is two days removed from naming a new sales chief and announcing a licensing deal with Sharp. Kandi has now given back the big Monday gains it saw after posting Q4 results.
- Xoom's losses are likely tied to Facebook's launch of a money transfer service for Messenger users; Facebook isn't charging any fees for now.
- Previously covered: Adobe, Wix, Microsemi/Vitesse, Pandora, 500.com, chip equipment makers, Qihoo, MicroVision, Solar3D, Immersion, Netlist, Qunar, eBay, Avid
Mon, Mar. 16, 7:09 PM
- Dave Longaker, formerly a sales VP at Alcatel-Lucent, has been hired by ROVI to fill the newly-created role of chief revenue officer.
- Longaker will be responsible for "driving Rovi's global revenue across the discovery, monetization and intellectual property product lines." He'll report to COO John Burke.
- Rovi's recent top-line challenges might have driven the move: Q4 sales were down 12% Y/Y (tough comps were partly responsible), and the 2015 revenue growth consensus is at 1.4%.
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Wed, Feb. 25, 5:26 PM
- ROVI plans to sell $300M worth of convertible senior notes due 2020. Initial purchasers are expected to have a $45M overallotment option.
- $100.1M of the proceeds are expected to be used to repay credit facility borrowings, and $25M will be used on buybacks. The rest will go towards "general corporate purposes."
- The program guide/content protection IP provider had $334M in cash/short-term investments at the end of 2014, and over $1.1B in long-term debt.
- Shares have fallen to $23.40 AH.
Thu, Feb. 19, 4:18 PM
Wed, Feb. 18, 5:35 PM
Fri, Jan. 30, 5:35 PM
Thu, Jan. 8, 1:35 PM
- Rovi (ROVI +6.2%) is up sharply after providing better-than-feared 2015 guidance ahead of its analyst day, and stating it plans to buy back 5M shares this year. The programming guide/content IP licensing firm is now about $2 away from a 52-week high of $25.34.
- Helping Rovi's cause: Pac Crest has upgraded to Outperform, and set a $31 target.
- Analyst day slides (.pdf)
Wed, Jan. 7, 5:51 PM
- Ahead of its analyst day presentation, ROVI has respectively narrowed its 2014 revenue and EPS guidance ranges to $538M-$542M and $1.69-$1.73 from $530M-$545M and $1.60-$1.75. Consensus is at $539.7M and $1.71. (8-K)
- 2015 guidance is for revenue of $535M-$565M and EPS of $1.55-$1.85; consensus is at $555.3M and $1.87. Rovi plans to buy back 5M shares in 2015; at current levels, that would cost $110M.
- Earlier today, Rovi announced a programming guide deal with U.S. broadband provider Suddenlink (covers digital terminal adapters). The company has been showing off a new UI, natural language search/navigation tools, and its content Knowledge Graph at CES.
Nov. 6, 2014, 4:20 PM
Nov. 3, 2014, 11:38 AM
- Fanhattan has developed a set-top (called Fan TV) that provides integrated access to live TV, on-demand, and Web video content. The startup has also developed a zero-button (touch-based) remote, a UI with various content search, discovery, and social recommendation tools, and a complementary iOS app.
- Rovi (ROVI +1.2%), which has been trying to grow its sales of software and digital services (including its widely-used programming guides) to pay-TV providers to offset the decline of its legacy analog content protection business, has bought Fanhattan for an undisclosed amount of cash.
- Rovi promises combining its offerings with Fanhattan's will yield "a scalable and modular cloud-based platform supporting IP and hybrid STB boxes, DVR functionality and personalized interactive user-interfaces through reference design hardware and a software development kit." Fanhattan already has deals with Cox and Time Warner Cable.
Jul. 30, 2014, 4:46 PM
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