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Stock Market & Financial Investment News

News Breaks
January 8, 2014
08:32 EDTSHCAY, ROVIRovi, Sharp agree to new DivX licensing agreement
Rovi Corporation (ROVI) announced that Rovi and Sharp Corporation (SHCAY) have agreed to renew a multi-year DivX® licensing agreement. The new agreement enables Sharp to integrate DivX HEVC technology in its next-generation AQUOS® TVs and AQUOS® Blu-ray disc recorder product lines to support the high-quality streaming and playback of DivX HEVC HD 720p/1080p and UltraHD/4K HEVC content. In addition, the agreement includes use of Rovi’s adaptive streaming solution, DivX Plus Streaming®.
News For ROVI;SHCAY From The Last 14 Days
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May 1, 2015
08:37 EDTROVIEngaged: Glass Lewis, ISS recommend Rovi investors vote for director nominees
Engaged Capital, LLC , the beneficial owner of 550,000 shares of the common stock of Rovi Corporation, announced that Glass Lewis & Co., an independent proxy voting advisory firm, has recommended that Rovi shareholders vote on the WHITE Engaged Capital proxy card to elect Engaged Capital’s highly-qualified director candidates, Raghavendra Rau and Glenn W. Welling, at the May 13, 2015 Annual Meeting of Rovi. Glass Lewis’ recommendation echoes the recommendation of Institutional Shareholder Services received earlier this week that shareholders vote on the WHITE Engaged Capital proxy card. Engaged Capital urges all Rovi shareholders to vote for change on the Rovi Board by voting the WHITE proxy card for all three Engaged Capital nominees TODAY. Glenn W. Welling, Principal and CIO of Engaged Capital, responded to Glass Lewis’ report saying, “We are gratified both leading independent proxy advisory firms, Glass Lewis and ISS, have recognized the need for change at Rovi and have endorsed our efforts to improve its board. The incumbent board has evaded responsibility for substantial value destruction and must be held to account.”
06:33 EDTROVIRovi announces new board compensation arrangements
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April 30, 2015
16:26 EDTROVIRovi sees FY15 EPS $1.55-$1.85, consensus $1.72
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16:25 EDTROVIRovi reports Q1 EPS 39c, consensus 37c
Reports Q1 revenue $134M, consensus $131.06M.
05:51 EDTROVIRovi announces renewing of licensing, product agreement with Grundig
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April 28, 2015
13:55 EDTROVIEngaged Capital says 'pleased' with ISS recommendation on Rovi
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11:20 EDTROVIRovi says strongly disagrees with ISS recommendation
Rovi Corporation issued the following statement in response to the recommendation issued by ISS regarding the election of directors at the company’s 2015 Annual Meeting of Stockholders, which will be held on May 13. "We believe Rovi’s seven highly qualified directors are best positioned to continue executing Rovi’s strategic plan and drive value for Rovi stockholders. Our Board has taken deliberate actions to transform Rovi’s leadership, strategy and structure, and we are now well-positioned to leverage our compelling patent portfolio and continue developing next-generation products to drive sustainable returns. Engaged Capital has not articulated a vision or alternative plan for Rovi beyond generic corporate finance strategies, and we strongly disagree with ISS’ recommendation that stockholders vote for Engaged Capital nominees Raghavendra Rau and Glenn Welling. While we understand ISS has a history of supporting dissidents, we believe that supporting Engaged Capital’s slate of nominees, none of whom have compelling track records or expertise, is not in the best interests of our stockholders. We trust our stockholders will make an independent assessment in deciding the best path forward for Rovi.” Rovi’s Board of Directors and management team intend to provide a more detailed response shortly. Rovi encourages its stockholders to vote the BLUE proxy card.
April 27, 2015
06:42 EDTROVIRovi issues letter to stockholders regarding upcoming Annual Meeting
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April 23, 2015
09:22 EDTROVIEngaged Capital sends letter to Rovi holders over board nominees
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April 21, 2015
07:08 EDTROVIRovi sends letter to stockholders, urges investors to vote for director nominees
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April 20, 2015
17:04 EDTROVIOn The Fly: Top stock stories for Monday
Stocks on Wall Street were higher for the day, beginning the session sharply higher and remaining in positive territory throughout. China’s central bank announced a reduction in bank reserve requirements in an effort to increase liquidity and spur economic growth within the country. Following the open, the market moved in a relatively narrow range as investors await the latest round of earnings reports for one of the season's heavier weeks. ECONOMIC EVENTS: In the U.S., the Chicago Fed National Activity Index came in at 0.42 versus expectations for positive 0.1. In Asia, the People's Bank of China lowered its reserve requirement ratio, by 1 percentage point, the lowest since the financial crisis. Despite this, the Shanghai Composite Index fell 1.6% because regulators had already begun curbing speculative trading on Friday. COMPANY NEWS: Morgan Stanley (MS) advanced 0.57%, or 21c, to $36.96 after reporting earnings prior to the market open. The bank beat on both EPS and revenue, and also raised its dividend to 15c from 10c. CEO James Gorman was pleased with the quarter and cited growth across the majority of the company's operations. MAJOR MOVERS: Among the notable gainers was Hasbro (HAS), which rose 12.55% to end the session at $74.16 after reporting EPS and revenue in excess of analyst expectations. During its earnings conference call, the company appeared confident on its 2015 offerings which include Disney (DIS) Princess and Frozen product lines. Also higher was Rovi (ROVI), gaining 8.64% to close the day at $19.11 after renewing its licensing and program guide agreement with Charter (CHTR). Among the noteworthy losers was Caesars Entertainment (CZR), tumbling 17.01% to $10 after failing to reach an agreement on its restructuring. Also lower were a number of medical companies involved in the development of CAR-T cancer therapies, including Kite Pharma (KITE), Juno Therapeutics (JUNO), blue bird bio (BLUE), and ZIOPHARM Oncology (ZIOP). The drop followed disappointing, small-scale studies presented during the annual meeting of the American Association for Cancer Research. INDEXES: The Dow rose 208.63, or 1.17%, to 18,034.93, the Nasdaq advanced 62.79, or 1.27%, to 4,994.6, and the S&P 500 gained 19.22, or 0.92%, to 2,100.4.
12:31 EDTROVIOn The Fly: Top stock stories at midday
Stocks on Wall Street were higher at midday after China’s central bank relaxed reserve requirements for its banks. The nation's own stock market struggled to overcome the cross current of other actions taken to cut down on speculative trading there, but U.S. stock markets surged at the open and had not looked back by midday. The domestic economic calendar has quiet and earnings continue to be the focal point at home, as a great number of S&P 500 companies prepare to report this week. ECONOMIC EVENTS: In the U.S., the Chicago Fed National Activity Index had a reading of -0.42, versus expectations for a +0.10 reading. A reading below zero represents economic activity below trend. In China, the People's Bank of China cut the reserve-requirement ratio, or the amount of reserves lenders need to hold, by 1 full percentage point, which was the biggest cut since the depths of the financial crisis and more than expected by economists. However, the Shanghai Composite Index still dropped 1.6%, since the reserve-requirement cut came after regulators had moved to curb speculative trading with actions taken Friday. COMPANY NEWS: Shares of Morgan Stanley (MS) advanced 1% after the bank's headline earnings excluding certain adjustments and tax benefits beat expectations. CEO James Gorman noted that the first quarter of the year was the bank's "strongest quarter in many years with improved performance across most areas of the firm." Morgan Stanley also increased its quarterly dividend to 15c per share from 10c per share. MAJOR MOVERS: Among the notable gainers was Hasbro (HAS), which gained 10% after the toymaker's sales and profits widely topped expectations in its fiscal first quarter. Also higher was Rovi (ROVI), which gained more than 10% after the company announced it has renewed its patent license and interactive program guide product agreement with Charter Communications (CHTR). Among the noteworthy losers was FARO Technologies (FARO), which dropped 25% and was downgraded by Noble Financial and Needham after the preannounced lower than expected first quarter revenue. Also lower were a number of companies that are developing CAR-T cancer therapies following the annual meeting of the American Association for Cancer Research. Mizuho analyst Peter Lawson attributed the pullback to disappointment in this weekend's solid tumor data on a small number of patients with advanced cancers who were given CAR-T therapy developed by Novartis (NVS) and the University of Pennsylvania. Shares of Kite Pharma (KITE), Juno Therapeutics (JUNO), blue bird bio (BLUE), and ZIOPHARM Oncology (ZIOP) were all lower near noon. INDEXES: Near midday, the Dow was up 236.19, or 1.32%, to 18,062.49, the Nasdaq was up 59.54, or 1.21%, to 4,991.35, and the S&P 500 was up 21.82, or 1.05%, to 2,103.00.
12:08 EDTROVITiming of Rovi renewal with Charter a plus, says JPMorgan
JPMorgan said the timing of the closing of Rovi's (ROVI) renewal of its IP and programming guide agreement with Charter (CHTR) is advantageous given Rovi's other impending renewals and should give some confidence that large service provider renewals don't hinge on the outcome of the company's court case with Netflix (NFLX). However, the firm added that it would not be surprised to see more volatility in Rovi shares if court rulings favor Netflix and it kept a Neutral rating on the stock.
09:52 EDTROVIRovi deal with Charter a 'material' positive, says Piper Jaffray
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08:01 EDTROVIRovi, Charter sign multi-year license renewal
Rovi (ROVI) announced that the company has renewed its patent license and interactive program guide product agreement with Charter Communications (CHTR). The license renewal extends Charter’s IPG patent license. Under the terms of the agreement, Charter will also be able to license Rovi’s products and services, including Rovi Search, Recommendations and Conversation Services, Rovi Metadata and Rovi Analytics.
07:41 EDTROVIRovi shareholders should stay with current management, says Brean Capital
Brean Capital thinks shareholders should stay the course with Rovi's current management, as they believe there is little merit in the charges of activist shareholders. The firm sees concerns about the company's IP position as overweighted and noted the company is involved in product development which should strengthen its market position and technology base. Brean Capital reiterated its Buy rating and $31 price target on Rovi shares.

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