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Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of software maker Rovi (Nasdaq: ROVI ) have popped today, up by as much as 19%, after it announced a strategic move and offered strong 2012 guidance.
So what: The company expects fiscal 2011 adjusted revenue between $775 million and $780 million, resulting in earnings of $2.45 to $2.50 per share. Fiscal 2012 sales should be between $810 million and $840 million, with $2.50 to $2.80 per share in profit.
Now what: Consensus estimates call for earnings of $2.45 and $2.64 for 2011 and 2012, respectively. In addition, Rovi will be selling its Roxio product line, known for digital media applications like Creator, Toast, and Popcorn, to Canada's Corel for an unspecified sum. It looks like Rovi wasn't too keen on its Roxio lineup, which it purchased somewhat recently in late 2010 from Sonic Solutions.
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