Shares of Cinemark Holdings were virtually unchanged Tuesday after JPMorgan downgraded its rating on the film exhibitor's stock from "overweight" to "neutral," citing concerns about near-term boxoffice performance. The stock closed up 1 cent, or 0.1%, at $13.31. JPMorgan analyst Barton Crockett said that he is taking a "somewhat more cautious stance" on boxoffice for the second and third quarters, the height of the summer movie season. The analyst prefers Regal Entertainment Group in the short term thanks to its better dividend yield.
Gemstar, TiVo in int'l pact
Gemstar-TV Guide and TiVo have entered a patent-license agreement for retail products and certain deployments of the TiVo service in international markets. The deal expands an existing relationship between the companies in North America. The firms did not provide financial details. "International interest in TiVo is at an all-time high as retailers and service providers globally seek to deliver the TiVo service as a way to differentiate their video products," TiVo international vp and GM Joshua Danovitz said. "In most instances, our partners are seeking a one-stop solution that provides the industry's leading personal video recorder experience without the need to acquire separate licenses for third-party intellectual property."
AOL, Street on longer road
Financial media firm theStreet.com and Time Warner's AOL said Tuesday that they have expanded a strategic content partnership by three years. Under the deal, theStreet.com's content will be featured on AOL Money & Finance and other AOL destinations, like BloggingStocks.com.