Shamrock Activist Value said that it has had discussions with Jackson Hewitt about the company's performance and the need to change its board composition. Shamrock Activist Value wants one or more board members replaced and plans to continue the discussions. Shamrock, an investment firm run by Roy E. Disney, a member of the Walt Disney (DIS) founding family, owns about 2.4 million shares (8.3%).

Shamrock Activist Value Fund is suggesting the board immediately add an independent director with knowledge and experience in the field of executive compensation, to revamp the company's compensation programs to appropriately match pay with performance.

The Shamrock Activist Value Fund submitted a proposal urging the company to abandon its "poison pill" anti-takeover provisions. The proposal will be included in the company's proxy for the 2009 annual meeting. Shamrock said that Jackson Hewitt's poison pill is an "extremely powerful deterrent" to would-be purchasers of company stock, and that it might prevent company stockholders from seeking and receiving the best possible price for their holdings. Shamrock owns 2,394,312 shares (8.3%).

Shamrock Activist Value Fund, an investment firm run by Roy E. Disney, a member of Walt Disney 's (DIS) founding family, reduced its position to 2,463,00 million shares (8.54%), from the 2,883,000 (10.14%) it had reported owning in April.

6/26/2008

Shamrock Activist Value Fund wants JTX to remove its shareholder-rights plan, de-stagger its board and institute annual elections for all directors -- and to adopt a majority-voting standard for election of directors who run unopposed. Shamrock said these changes in governance would be "an important step towards improving board accountability and creating greater value" for shareholders. Shamrock holds 2,883,000 shares (10.14% of the total outstanding).

Goldman Sachs said it is upgrading Jackson Hewitt (JTX) to Buy from Neutral based on attractive valuation. Forecasts remain weak, but note that market is already pricing in a bad tax season. Price target raised to $18 from $14.

Goldman Sachs said it is upgrading Jackson Hewitt (JTX) to Neutral from Sell based on valuation. See dismal Q3 results and weak outlook fully reflected in shares. Price target cut to $14 from $20.

Jackson Hewitt (JTX) was downgraded at Goldman Sachs to Sell from Neutral based on higher near-term risks, including renegotiation of HSBC RAL agreement, outcome of DoJ/IRS investigation, and decreasing performance expectations for upcoming tax season. Target price at $25.

Downgraded by CIBC from Sector Outperform to Sector Perform

HRB is much better at it. Most JTX locations owned by muslim foreigners and are subject of interest by DOJ. DOJ will create a case to win against vulnerable immigrants.