|
|
News Breaks | | | | January 4, 2013 | | 10:40 EDT |  | ROVI | Rovi 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 Check below for free stories on ROVI the last two weeks. |
|
|
| May 16, 2013 | | 07:26 EDT |  | ROVI | JPMorgan to host a conference
41st Annual Global Technology, Media & Telecom Conference is being held in Boston on May 14-16 with webcasted company presentations to begin on May 16 at 8 am; not all company presentations may be webcasted. Webcast Link | |
|
|
|
|
|
|
