Smith Barney downgrades Tivo (TIVO)

Includes: NNDS, T
by: David Strahlberg

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!