Smith Barney downgrades Tivo (TIVO)
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Smith Barney downgraded Tivo (TIVO) following the resignation of President Marty Yudkowitz, citing deteriorating employee morale. This downgrade might have been useful a year ago before Tivo fell over 70% from $13 per share to yesterday’s close of $3.58 per share. Or even a month ago when DirectTV (where about 75% of Tivo boxes are installed) announced that it was switching to NDS’s XTV product. Or even a few weeks ago when founder and CEO Mike Ramsey resigned. Great timing!
TIVO’s President resigns
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TIVO’s President, Marty Yudkowitz, resigned yesterday, a few weeks after the resignation of Tivo founder, Mike Ramsey. Tivo’s stock has fallen from $13 to $4 in the past year as competition has intensified. Recently, DirectTV (where about 75% of Tivo’s boxes are installed) announced that it is switching to NDS’s DVR product, called XTV.
Pixar (PIXR) cleans up at the Annies
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Pixar animation won ten awards at the 32nd Annie Awards festival for animated films. Pixar’s The Incredibles won Best Animated Feature and Pixar cast meember picked up nine other individual achievement awards. Dreamworks did not win any awards.