Rovi shares rise on Roxio sale (Global Markets) - Shares of Rovi Corp jumped 13 percent after the digital media services provider said it would sell its Roxio product line to Canada's Corel Corp for an undisclosed amount, and forecast a strong 2012.Stock Market Predictions
Rovi came to own Roxio -- a maker of products like the Roxio Creator that helps create and save digital media content on computers -- through its acquisition of the popular DivX software maker Sonic Solutions in late 2010.
On Thursday, the company also forecast 2012 revenue between $810 million and $840 million and adjusted earnings of $2.50 to $2.80 a share.
Analysts were looking for revenue of $826.6 million and a profit of $2.63 a share, according to Thomson Global Markets I/B/E/S.
Shares of Rovi rose to a near two-month high of $30.96 in heavy morning trading on the Nasdaq.
(Reporting by Sayantani Ghosh in Bangalore; Editing by Maju Samuel)
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