Finance

Morning Market Roundup: Eastman Kodak Goes Bust, Tech Earnings Explosion

Here’s what’s important in the financial world this morning:

EU: After last Friday’s S&P downgrade, France received a strong demand and obtained lower yields in a medium-term bond auction, raising EUR 7.965 billion ($10.28 billion). Over in Spain, which also received a downgrade, it also fared well in its auction. The country sold over EUR 6.6 in bonds ($8.46 billion) with long-term maturities of up to 10 years. The bonds’ demand exceeded estimates while yields came in line.

(Related: Will China Unleash More Stimulus and Boost Gold Prices?)

Eastman Kodak: Kodak has filed for bankruptcy but it grabbed a $950 million,18-month credit facility from Citigroup that will allow it keep operating during Chapter 11 and pay its 17,000 workers. While the 130-year-old photographic company had been a pioneer with the hand-held camera and assisted in the first pictures from the moon, it could not find its place in modern technology and was unable to take advantage of its patented technology.

Eurozone Finances: It is day two of the Greek debt-swap talks and the two sides are trying to reach a deal by week’s end. After a late evening of discussions, talks will resume today between the Greece government leaders and private creditors. Greece is looking for an agreement that will enable it to meet a March 20 debt repayment of EUR 14.5B ($18.5 billion).

Thursday’s earnings reports after the bell will include technology giants Google, IBM, Intel and Microsoft. Google’s earnings per share is estimated to rise 16 percent to $9.03 with a 31 percent revenue increase to $8.4 billion. IBM’s numbers look like $4.62 and $29.7 billion vs. $4.18 and $29 billion.

For Intel, analysts have forecast $0.61 and $13.7 billion vs. $0.59 and $11.46 billion. Microsoft’s numbers will come in unchanged with earnings per share at $0.77 and a slight revenue increase to $21 billion from $20 billion.

[Editor’s note: the above is a cross post that originally appeared on Wall St. Cheat Sheet.]

Comments (9)

  • Old Tex
    Posted on January 19, 2012 at 9:37pm

    Kodak made Rochester New York a thriving upper middle class city….Losing Kodak will make it look like Detroit….I have a summer home upstate New York and unless one works for the state…local or federal government ….There are NO JOBS….That’s what democraps have done to this once booming industrial area….OVERTAXED them to pay for the votes of their welfare constituents….So they left and came south or went east….FAR East….Can’t blame the companies…..My question to those democrap politicians….Who ya gonna tax when all the jobs and working people have left your liberal sewer???…Lots of them are coming to Texas or some other state that is “ company friendly ”….

    Report Post »  
  • Dave of Tennessee
    Posted on January 19, 2012 at 3:59pm

    Hold on to those old Brownie Cameras, they will be worth a fortune someday. Sorry to see Kodak go – and the jobs go with it. Hope they can do something to turn it around but in the current anti-businness environment brought to you by Odimbo & Co., it is unlikely.

    Report Post » Dave of Tennessee  
  • absolutely
    Posted on January 19, 2012 at 10:09am

    Have come to the conclusion that this election is totally irrelevant. It doesn’t matter, whoever is elected can’t make the changes necessary to turn around the economy of this great nation on his own. We need a total collapse of the system in order to incorporate meaningful change. Zero out the economy, hit the reset and restart a government that strictly adheres to the constitution. Read Atlas Shrugged, I now understand and am totally at peace, you can be too. Absolutely

    Report Post »  
    • hauschild
      Posted on January 19, 2012 at 11:01am

      Yeah, I realized this quite a while ago, but I just don’t see how a recovery can begin unless their is some form of secession. Or, we all resign ourselves to the fact that change and degradation of a civilization is inevitable, and we go with the flow.

      If we experience a collapse, but are expected to choose reconstruction based on the current ideals of the majority, we will have only chaos and regression.

      Report Post »  
  • SpankDaMonkey
    Posted on January 19, 2012 at 9:30am

    .
    I know this is off topic, but does that “Cute Blonde” in the Which Food is Worse ad; holding the Avocado with her Boob‘s or Grinning at that Banana make ya’ll uncomfortable?

    I mean I’m in to all kinds of crazy stuff, but the way she Grin’s at that Banana, makes me nervous…..

    Report Post » SpankDaMonkey  
  • let us prey
    Posted on January 19, 2012 at 9:27am

    Kodak CEO Perez is on obumblers jobs and competitive business council. Hahahaha can’t make this junk up.

    Report Post » let us prey  
    • LogicalMetaphysician
      Posted on January 19, 2012 at 7:20pm

      Oh that’s priceless. Kodak, GM, and Solyndra: As close as Obama has ever gotten to successful capitalism.

      Report Post » LogicalMetaphysician  
  • Stoic one
    Posted on January 19, 2012 at 9:21am

    Kodak… it lived —flourished —- it is dying…..farewell

    Report Post » Stoic one  

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