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News Breaks
January 4, 2013
10:40 EDTROVIRovi rallies after saying it will look to sell entertainment store
Rovi (ROVI), which sells digital entertainment products, is climbing after the company announced that it would look to sell its Rovi Entertainment Store business. The Rovi Entertainment Store, which the company acquired in February 2011, sells solutions that enable users to drive revenue from over the top media delivery and cloud-based entertainment, according to Rovi. The company said it's looking to sell the store in order to focus on its core assets and intellectual property. The company estimated that its fiscal 2012 earnings per share would be $2.05-$2.10, with the store classified as a discontinued operation. The company's updated fiscal 2012 revenue forecast, with the store treated as a discontinued operation, is $645M-$650M. In a note to investors earlier today, Brean Capital analyst Todd Mitchell wrote that Rovi's decision to sell the entertainment store is positive, as he believes that such a transaction would increase the company's earnings power starting in 2013, while reducing its risk. Mitchell increased his price target on the stock to $22 from $20 and reiterated a Buy rating on the shares. In early trading, Rovi rallied 82c, or 5.17%, to $16.67.
News For ROVI From The Last 14 Days
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April 9, 2014
06:07 EDTROVIRovi sell-off on patent ruling unwarranted, says Brean Capital
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06:01 EDTROVIRovi sell-off on patent ruling a buying opportunity, says Piper Jaffray
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April 8, 2014
16:21 EDTROVIOn The Fly: Closing Wrap
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15:02 EDTROVIRovi issues statement in response to court ruling in Amazon case
The U.S. Court of Appeals issued its decision in Roviís (ROVI) patent infringement litigation against Amazon (AMZN). Rovi had sued Amazon for infringing the two patents at issue in the decision. The appeals court sided with Amazon and found that the District Courtís interpretation of the claims of the patents was correct and therefore Amazon did not infringe these patents. "We are disappointed by this decision," said Rovi executive VP Samir Armaly, worldwide intellectual property and licensing. "It should be noted that this decision relates to only two patents in our extensive portfolio. We believe that our portfolio is even more relevant to Amazon today and going-forward than when the present litigation began in early 2011. Since that time, Amazon has continued to expand its video and over-the-top offerings through new products like the recently announced Fire TV. As illustrated by various recent agreements, Roviís patent portfolio continues to be recognized by leading companies looking to deliver compelling video experiences across multiple screens. We plan to continue to pursue Amazon going-forward to take the necessary licenses under our patent portfolio, not only to protect our rights but also the rights of our existing licensees in this space."
13:24 EDTROVIRovi weakenss a buying opportunity, says B. Riley
B. Riley said Rovi (ROVI) weakness related to the Amazon patent case is overdone and that the patents in question are old.
11:48 EDTROVIRovi down over 7% after appeals court ruling with Amazon
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11:25 EDTROVIAppeals court upholds ruling that Amazon did not infringe Rovi patents
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11:07 EDTROVICourt rules Amazon.com did not infringe on Rovi patent, Bloomberg says
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