Smith Barney downgraded Tivo (NASDAQ:TIVO) following the resignation of President Marty Yudkowitz, citing deteriorating employee morale. This downgrade might have been useful a year ago before Tivo fell over 70% from $13 per share to yesterday's close of $3.58 per share. Or even a month ago when DirectTV (where about 75% of Tivo boxes are installed) announced that it was switching to NDS's XTV product. Or even a few weeks ago when founder and CEO Mike Ramsey resigned. Great timing!