Shutterfly, Inc. (NASDAQ:SFLY): Eastman Kodak Company (EKDKQ) has announced that it has entered into an agreement with Shutterfly (NASDAQ:SFLY) for the proposed sale of certain assets of its KODAK Gallery on-line photo services business for $23.8M. The terms of the agreement include the transfer of Gallery customer accounts and images in the U.S. and Canada to Shutterfly. The agreement comprises the initial, stalking horse bid in a Court-supervised auction process under Section 363 of the U.S. Bankruptcy Code that will ensure the maximization of value for the assets. Kodak is focusing its consumer business on retail and destination photo solutions as well as home printing products. Under the terms of the Agreement, Kodak will seek U.S. Bankruptcy Court approval of sale and auction procedures by late March. Under these proposed procedures, other potential buyers may submit alternative bids to Kodak and seek to establish the superiority of their alternative bid. Kodak is targeting completion of the sale process this spring.
The shares closed at $31.36, up $4.45, or 16.54%, on the day. Its market capitalization is $1.09 billion.
U.S. Auto Parts Network (NASDAQ:PRTS): U.S. Auto Parts Network (NASDAQ:PRTS) is dropping sharply after it reported adjusted Q4 EPS of (12c) yesterday after the close, compared with analysts’ consensus estimate of (4c). The adjusted EPS excludes a non-cash write-down of intangibles. The company, which sells auto parts online, said that its Q4 revenue dropped to $77.2M from $80.5M during the same period one year earlier. “Although 2011 was a challenging year, we believe the foundation laid during this period will set U.S. Auto Parts up to compete in 2012 and beyond,” stated U.S. Auto Parts Network CEO Shane Evangelist. In late morning trading, U.S. Auto Parts Network (NASDAQ:PRTS) tumbled 97c, or 19.6%, to $3.98.
The shares closed at $4.00, down $0.95, or 19.19%, on the day. Its market capitalization is $122.50 million.
Ford Motor Company (NYSE:F): The U.S. Environmental Protection Agency certified the 2012 Ford Focus Electric as America’s most fuel-efficient five-passenger vehicle with a 110 miles per gallon equivalent, or MPGe, city rating, Ford announced early this morning. Focus Electric achieves a combined rating of 105 MPGe, topping Nissan (NSANY) Leaf by 6 MPGe while also offering more motor power, passenger room and standard features, Ford added.
The shares closed at $12.72, up $0.06, or 0.47%, on the day. Its market capitalization is $48.35 billion.
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