TiVo falls on report Amazon is developing live TV recording device

• The drop extends a challenging run for TiVo, which is now off 20 percent in 2018 and 30 percent in the last 12 months.

• Amazon is known to scare investors and send stocks tumbling with news of a planned entrance into a new industry.

Shares of TiVo TIVO fell as much as 10 percent in afternoon trading Friday following a Bloomberg report that Amazon AMZN is eyeing a live TV recording device.

TiVo pared losses and closed just 4 percent down at $12.20. The drop extends a challenging run for TiVo, which is now off 20 percent in 2018 and 30 percent in the last 12 months.

Amazon is known to scare investors and send stocks tumbling with news of a planned entrance into a new industry. Earlier this week, movie theater stocks dropped on a report that Amazon is considering a bid for Landmark Theaters.

Representatives for Amazon and TiVo were not immediately available to comment.

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