|Over a week ago|
TiVo attractive in uncertain COVID-19 environment, says B. Riley FBR » 08:5103/1203/12/20
B. Riley FBR analyst Eric…
B. Riley FBR analyst Eric Wold believes TiVo is "relatively immune" to both COVID-19 disruptions and a potential global recession. 2020 estimates are projected to benefit materially from the company's self-help initiatives, Wold tells investors in a research note. The analyst finds TiVo attractive and keeps a Buy rating on the shares with a $21 price target.
InterDigital 2020 outlook not at risk from coronavirus, says B. Riley FBR » 09:1603/0303/03/20
IDCC, TIVO, BC
B. Riley FBR analyst Eric…
B. Riley FBR analyst Eric Wold analyzed the potential direct and indirect operational and financial impacts from the ongoing coronavirus situation on his Media & Entertainment and Outdoor Leisure coverage. The analyst found a handful of companies that he believes have experienced "valuation declines that are more reflective of that perceived risk as opposed to our view of reality." These include InterDigital (IDCC), TiVo (TIVO) and Brunswick (BC). With 90% of license revenues coming from fixed-fee agreements and the other 10% from per-unit agreements with manufacturers outside of China, InterDigital has little to no risk to its 2020 outlook from the outbreak, Wold tells investors in a research note. The analyst also sees little to no risk to the 2020 outlook from the outbreak for TiVo and believes Brunswick's supply chain is back online and that its shipments had already been pulled forward ahead of any potential issues.
TiVo says Federal Circuit affirms ITC's import ban on Comcast X1 set-top boxes » 12:0203/0203/02/20
TIVO, CMCSA, CMCSK
TiVo Corporation (TIVO)…
TiVo Corporation (TIVO) announced that the United States Court of Appeals for the Federal Circuit has ruled in favor of the company in its ongoing dispute with Comcast. The Federal Circuit affirmed the International Trade Commission's jurisdiction and their decision to ban the importation of Comcast's (CMCSA, CMCSK) set-top boxes that infringe Rovi's patents. "The Federal Circuit affirmed the ITC's Final Determination and what we at TiVo have known for years - Comcast infringed Rovi's patents and its business is subject to the ITC's jurisdiction. This ruling maintains the ITC's import ban against Comcast's set-top boxes and showcases the strength of Rovi's battle-tested patent portfolio," said Arvin Patel, executive vice president and chief intellectual property officer at Rovi Corporation, a TiVo company. "We understand the value of our patented technology and why Comcast has relied on it heavily since launching its X1 platform. But Comcast cannot continue to use Rovi's patented technology without paying for a license. We are hopeful today's announcement will encourage Comcast to put their customers first and license our IP just as the other top 9 U.S. Pay-TV providers do." In June of 2019 Administrative Law Judge MaryJoan McNamara of the ITC determined, following a second ITC investigation, Comcast violated U.S. trade laws because it infringed yet another Rovi patent related to its content search function and recommended that the ITC ban imports of some Comcast X1 set-top boxes. On May 23, 2019, the ITC instituted a third investigation into Comcast's infringement of additional Rovi patents. The trial in this third investigation took place in January 2020 in Washington, D.C., and a final decision is expected in Q4 2020.
Comcast drops after TiVo wins appeal over import ban, Bloomberg reports » 09:3303/0203/02/20
CMCSA, CMCSK, TIVO
Shares of Comcast (CMCSA)…
Shares of Comcast (CMCSA) dropped after Bloomberg's Susan Decker reported that TiVo (TIVO) won an appeal in its patent fight. According to the report, an import ban on certain TV set-top boxes issued by the U.S. ITC was affirmed by the U.S. Court of Appeals for the Federal Circuit. The decision is the first of three disputes between the companies at the trade agency. Comcast fell nearly 1%, or 35c, to $40.08 at the market open.
Comcast loses bid to overturn cable box import ban in Tivo fight, Bloomberg says » 09:2903/0203/02/20
Tivo (TIVO) has won an…
Tivo (TIVO) has won an appeal in its patent fight with Comcast (CMCSA), according to Bloomberg.
|Over a month ago|
Fly Intel: Pre-market Movers » 09:0102/2402/24/20
XPER, TIVO, SENS, NNVC, NEM, BRK.A, BRK.B, INTU, WFC, GS
HIGHER: Xperi (XPER), up…
HIGHER: Xperi (XPER), up 4% after announcing that it has received an unsolicited, non-binding proposal from Metis Ventures to acquire all of the outstanding equity of the company for $23.30 per share in cash. Xperi entered into a definitive agreement with TiVo (TIVO) to combine in an all-stock transaction, pursuant to which, at the close of the transaction, Xperi stockholders would own approximately 46.5% of the combined business, and TiVo stockholders would own approximately 53.5% of the combined business. Xperi's board determined that it is unable to conclude at this time that Metis Ventures' non-binding proposal is reasonably likely to lead to a superior proposal under the terms of Xperi's merger agreement with TiVo. Therefore, Xperi will not be engaging in discussions with Metis Ventures... Senseonics (SENS), up 11% after George Soros' Soros Fund Management disclosed that the firm holds a 5.09% passive stake in the company... NanoViricides (NNVC), up 33% after announcing it has sufficient funding for its planned expenditures for the ensuing year, based on estimated budgets including costs of certain clinical trials.... Newmont (NEM), up 4% after CIBC analyst Anita Soni upgraded shares to Outperformer from Neutral. DOWN AFTER EARNINGS: Berkshire Hathaway (BRK.B), down 3%. ALSO LOWER: Intuit (INTU), down 2% after The Wall Street Journal reported the company is nearing a deal to buy Credit Karma for about $7B in cash and stock... Wells Fargo (WFC), down 2% after announcing that it has entered into agreements with the United States Department of Justice and the SEC to resolve these agencies' investigations into the company's historical Community Bank sales practices and related disclosures. As part of this resolution, Wells Fargo has agreed to make payments totaling $3B... Goldman Sachs (GS), down 3% after Reuters reported three of the bank's units pleaded not guilty to charges of misleading investors regarding $6.5B in bond sales that the U.S. investment bank helped raise for state fund 1MDB.
Xperi worth 55% more than Metis takeover proposal, says B. Riley FBR » 08:5102/2402/24/20
The unsolicited, nonbinding takeover proposal from Metis Ventures for $23.30 per share in cash "meaningfully undervalues" Xperi's (XPER) growth opportunity, even before the "attractive" TiVo (TIVO) merger is considered, B. Riley FBR analyst Eric Wold tells investors in a research note. The analyst reiterates a Buy rating on Xperi with a standalone price target of $36. The target represents a 55% premium to the proposal from Metis Ventures, Wold points out.
TiVo price target raised to $21 from $19 at B. Riley FBR » 08:5402/1902/19/20
B. Riley FBR analyst Eric…
B. Riley FBR analyst Eric Wold raised the firm's price target on TiVo to $21 from $19 and reiterates a Buy rating on the shares. The company last night reported Q4 results that exceeded revenue and adjusted EBITDA expectations, with the upside driven by improving core revenue run-rates within both the intellectual property licensing and product segments coupled with continued expense reduction success, Wold tells investors in a research note. The analyst believes the pro forma TiVo/Xperi (XPER) projections provide a "clear demonstration of the attractiveness and synergistic potential of the proposed merger."
Xperi price target raised to $36 from $28 at B. Riley FBR » 08:4202/1902/19/20
B. Riley FBR analyst Eric…
B. Riley FBR analyst Eric Wold raised the firm's price target on Xperi (XPER) to $36 from $28 and reiterates a Buy rating on the shares. The company last night reported Q4 results that exceeded expectations for both billings and EBITDA, Wold tells investors in a research note. The analyst is increasingly positive around the synergies to come from the proposed TiVo (TIVO) merger and believes the pro forma projections are achievable given improving underlying revenue run-rates at the two companies.
Fly Intel: After Hours Movers » 19:0502/1802/18/20
QUAD, SSTI, ENPH, HLF, SCPL, LZB, RPAI, XPER, FANG, DVN, TPH, TIVO, BBBY, GRPN, KNL, SGMS, APRN, AMED, BKD, TXG, LC, PLMR, BLUE, HSTM, KAR
UP AFTER EARNINGS:…
UP AFTER EARNINGS: Quad/Graphics (QUAD) up 25.0%... ShotSpotter (SSTI) up 20.1%... Enphase Energy (ENPH) up 11.8%... Herbalife (HLF) up 5.8%... SciPlay (SCPL) up 4.7%... La-Z-Boy (LZB) up 4.6%... Retail Properties of America (RPAI) up 3.0%... Xperi (XPER) up 2.5%... Diamondback Energy (FANG) up 1.9%... Devon Energy (DVN) up 1.9%... TriPointe Group (TPH) up 1.9%... TiVo (TIVO) up 1.5%. ALSO HIGHER: Bed Bath Beyond (BBBY) up 4.0% after guiding FY20 capital allocation. DOWN AFTER EARNINGS: Groupon (GRPN) down 24.9%... Knoll (KNL) down 13.6%... Scientific Games (SGMS) down 10.5%... Blue Apron (APRN) down 9.8%... Amedisys (AMED) down 9.0%... Brookdale Senior Living (BKD) down 6.4%... 10X Genomics (TXG) down 5.1%... LendingClub (LC) down 2.8%... Palomar (PLMR) down 2.8%... bluebird bio (BLUE) down 2.0%... HealthStream (HSTM) down 1.4%... KAR Auction Services (KAR) down 1.4%. Movers as of 18:30ET.