It has since given back much of that gain in the ensuing hour but it still smarts... you can't do much about these out of the blue announcements either bearish or bullish, but sometimes the market just has your number.
- Rovi (ROVI) shares are trading sharply higher this morning after the companydisclosed in an SEC filing that it has signed “a multi-year agreement” to license intellectual property to Apple (AAPL). Terms of license “are confidential,” Rovi said.
- Known as Macrovision Solutions until last year, Rovi provides software for discovery and management of entertainment content, as well as copy-protection technology for media companies.
Frankly this announcement does not say much but in 1999 all you had to do was announce your company was starting a website and the stock would surge 14% immediately, while now you need to announce your company is (a) part of the cloud or (b) partnering with Apple - and you get the same surge.
Long Rovi in fund; no personal position