TIVO - TiVo's New Direction Still Doesn't Point Up

This month, following another rough quarterly earnings report, TiVo (TIVO) announced that it was cutting its dividend 55%, from $0.18 to $0.08 per quarter. This was probably necessary, as the dividend had been held steady for several years despite continuing declines in the fundamentals of TiVo’s core business. You can see TiVo’s full dividend history here. But the market appears not to have been prepared for it, as TiVo stock has declined almost 25% since the announcement. It is down almost 75% over the last three years.

TiVo also announced a

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