7 Radar Movers: Kodak Files Chapter 11, Morgan Stanley and Bank of America Surge
Shares of Eastman Kodak Co. (NYSE:EK) fell 30 percent in early trading. The iconic photo company announced it filed for Chapter 11 bankruptcy. The firm said the move “is intended to bolster liquidity in the U.S. and abroad, monetize non-strategic intellectual property, fairly resolve legacy liabilities, and enable the company to focus on its most valuable business lines.”
Johnson Controls Inc. (NYSE:JCI) declined almost 8 percent after saying it expects to earn 52 cents to 54 cents per share, below estimates of 70 cents by analysts.
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Morgan Stanley (NYSE:MS) shares are up 6 percent, despite posting a fourth quarter loss. The bank reported a loss of $227 million, compared to a gain of $871 million from the previous year.
BB&T Corp. (NYSE:BBT) shares edged higher this morning after reporting a jump of 88 percent in fourth quarter profits. Total revenue increased 3.3 percent to $2.41 billion, while analysts were expecting $2.2 billion.
Shares of BlackRock Inc. (NYSE:BLK) fell 1 percent after reporting a 16 percent decrease in fourth quarter profits. The company earned $555 million ($3.05 per share), compared to $657 million ($3.35 per share) in the previous year.
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Bank of America (NYSE:BAC) shares are surging more than 6 percent. Shares are back over $7 as the bank reported better-than-expected fourth quarter results. Revenue of $25.1 billion beat estimates of $24.08 billion. Shares of JP Morgan (NYSE:JPM) are also climbing higher this morning.
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