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

Business

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.]

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