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Spray and Pray

机译:喷雾和祈祷

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It's been a rough patch for gemstar-TV Guide, the maker of those ubiquitous on-screen cable programming guides. First came the revelation that the company's respected co-president and point man with the cable companies quit. Then Gemstar said it would take a writedown of $5 billion for goodwill, wiping out half of the company's assets. Finally came word that a decision in an important patent case was pushed back to late June, creating yet more uncertainty and driving down the stock to a recent 52-week low. Even with the drubbing, this is not a cheap equity. The moneylosing company has an enterprise value (debt plus market cap of common) of 5 times its $1.4 billion revenues. By contrast, both AOL Time Warner and Viacom trade at 4.
机译:这是gemstar-TV Guide的粗糙补丁,gemstar-TV Guide是这些无处不在的屏幕电缆编程指南的制造商。首先是有关该公司受尊敬的联合总裁兼有线电视公司负责人辞职的消息。然后,Gemstar表示将减记50亿美元的商誉,以抹去公司一半的资产。最终有消息称,一项重要专利案的裁决被推迟到6月下旬,这产生了更多的不确定性,并将该股推低至最近的52周低点。即使有拖累,这也不是一笔便宜的股票。这家亏损的公司的企业价值(债务加上普通市值)是其14亿美元收入的5倍。相比之下,美国在线时代华纳公司和维亚康姆公司的股价均为4。

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