Rovi (ROVI) Partners with Apple (AAPL)

Sometimes you are hot, sometime you are neutral, and sometimes much of what you just turns cold.  Last Friday, Rovi (ROVI) broke support intraday and looked in trouble.  I've been selling off many of our other positions the past week and a half as they have been running non stop but this was a name that had not had that big run, so it had been still a large position.  Then Friday, due to the chart  I cut the position down by 55% to reduce risk.  It rallied later in the day but only right back to the support/resistance level.  This morning the company announced a golden goose in the current market - a partnership with Apple (AAPL) which sent the stock into the stratosphere.



 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.