Eastman Kodakadded to the stock market’s woes Thursday when it slashed its dividend and announced a historic shift to digital imaging.
Kodak’s stock, a Dow component since 1930, plunged 18% on the news and weighed on a market already reeling from currency concerns and rising oil prices.
The news also pressured HP, off 3.5%, which will now be a competitor in the printer market.
The day’s economic news was mixed. Durable orders unexpectedly fell, but jobless claims and home sales came in better than expected. Late-day selling in the futures market exacerbated the slide and threatened to spill over into Friday.
The Nasdaq fell 26 to 1817, the S&P 500 fell 6 to 1003, and the Dow lost 80 to 9343. Volume declined to 1.52 billion shares on the NYSE, and 2 billion on the Nasdaq. Decliners led 21-11 on the NYSE, and 23-8 on the Nasdaq. Downside volume was 73% on the NYSE, and 80% on the Nasdaq. New highs-new lows were 76-16 on the NYSE, and 102-6 on the Nasdaq.
After the close, Solectronbeat estimates. Research In Motionmatched estimates and raised guidance, while Manugisticsmet estimates but came in light on revenues.
During the day, Micronfell 3.7% despite beating estimates and announcing an investment from Intel.
Red Envelope’sIPO wasn’t bad under the circumstances, pricing in the middle of the range at $14, opening at $14.85, and closing at $14.55.
Dellwas unchanged on news of its move into consumer electronics.
Lucentgained 4.5% on speculation that the company could win a big contract and a $230 million deal with China Unicom that sent UTStarcom6% lower.
Amazongained 1% on news that the company is starting its own search service.
Broadcomgained 2% on a restructuring.
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