Digest: Imax upgrade; Terra firm
EmptyUpgrade good news for Imax
Shares of Imax Corp. rose 8% to $5.15 as a Soleil Research Associates analyst upgraded firm, citing anticipated growth thanks to the upcoming launch of its digital system and a new joint venture model. Lower costs for digital conversions also are likely to prompt more signings, said analyst Marla Backer, who lifted her stock rating from "hold" to "buy." During the past year, Imax stock has traded from $3.32-$5.68. It was Tuesday's top gainer on The Hollywood Reporter's Showbiz 50 stock index.
Terra firm on keeping EMI as is
Private-equity group Terra Firma, which recently acquired music company EMI Group, has launched a strategic review of the company but plans to keep it intact rather than sell off parts, a spokesman said. He declined to give any further details about the review or comment on a Monday report in the New York Post that said Terra Firma was looking to trim its equity stake in the music company. The report said Terra Firma, which bought EMI for $4.8 billion in the summer, has met dozens of private-equity firms, hedge funds and other institutions to try to recoup some of the $1.5 billion in equity it put into the company.