EmptyTiVo tumbles after downgrade
Shares of TiVo Inc. fell 7.4% on Tuesday to $5.67 after an analyst downgrade. SMH Capital's David Miller lowered his rating from "neutral" to "sell," telling investors "there are simply better places within our media/entertainment universe to put loose money to work." Miller said the price of TiVo stock already reflects anticipated revenue from an agreement with Comcast Corp. that would allow customers to download TiVo software onto Comcast DVRs, an initiative scheduled for rollout by June 21.
Jorgensen tapped Yahoo CFO
Yahoo Inc. has hired investment banker Blake Jorgensen as its CFO, an indication that the Internet company is more interested in expanding through acquisitions than selling to potential suitors. With Tuesday's announcement, Yahoo designated a replacement for Susan Decker, widely viewed as the most likely successor to Yahoo CEO Terry Semel. Yahoo promoted Decker to oversee the most critical part of its business — online advertising — as part of a management shake-up late last year. Jorgensen will join Yahoo on June 4 after several years as co-director of investment banking at Thomas Weisel Partners Group Inc.
Q1 numbers jump at Cinemark
Cinemark Holdings Inc. said Tuesday that its first-quarter profit jumped from $5.8 million a year ago to $118.2 million on revenue that surged 54% to $378 million. The improved results mostly were attributed to the October acquisition of Century Theatres Inc. and a $129.6 million gain on the initial public offering of in-theater advertiser National CineMedia, formed by Cinemark, Regal Entertainment Group and AMC Theatres. Cinemark shares rose 1.3% on Tuesday to $19.48.