Eastman Kodak to be delisted from Wall Street?

Eastman Kodak to be delisted from Wall Street?

The New York Stock Exchange (NYSE) has warned Eastman Kodak they failed to meet its criteria and may well be delisted later this year. Eastman Kodak's share has been under $1 for 30 consecutive trading-days and will be expelled from the exchange early July, except if the share closes over $1 on the last trading day of any calendar month and has an average closing price of at least $1 over the 30 trading-days before that.

This will become very difficult for the nearly bankrupt company, that quadrupled its quarterly loss to $ 222 million (€ 170 million) in last year's third quarter. In November, Eastman Kodak warned it might not survive the year if it did not find half a billion dollars by selling debts – or patents.

 

The Eastman Kodak story reads like a painful example of the Law of the handicap of a head start: Kodak used to be so big, that 'kodak' was synonymous for 'camera' – in some parts of the worlds, it still is.  The company thought however that it was so big that it could keep its position of market leader comfortably, because “Americans would not desert their favourite brands”.

 

How Eastman Kodak was wrong: in not sponsoring the Olympic Games of 1996, it gave Japanese competitors Fuji a first, easy stepping stone towards the American market. In just fifteen years, Fuji became the market leader in the US, while Eastman Kodak – as it missed out on the digital revolution – lost 99.5% of its share value. In 1997, Eastman Kodak's shares were still worth $90; yesterday it closed at 47 cent. The company has been on Wall street since April 1905.

Questions or comments? Please feel free to contact the editors


Ceconomy (former Metro) mainly achieves online growth

31/08/2017

Ceconomy, the newly-formed electronics company that split off from the Metro Group, grew 1.1 % in its first independent quarter. The owner of Media Markt and Saturn saw its web shops outperform physical stores.

New owner for smartphone manufacturer HTC?

28/08/2017

Taiwanese technology company HTC may be looking for a new owner as competition is becoming stronger. The company is now looking for options to raise funds for a battle plan.

Twelve-year sentence for Samsung's vice-president?

07/08/2017

Prosecutors in the Samsung corruption case have demanded a 12-year sentence for its former vice-president and de facto CEO of the South Korean company at the time, Jay Y. Lee, who has been charged with bribery and embezzlement.

Apple sales drop smaller than expected

02/08/2017

Apple has sold more iPhones in the third quarter of its fiscal year than it did last year, which was a surprisingly more positive feat than analysts had expected. Compared to the second quarter, there was further decline though.

Ceconomy (Media Markt) acquires quarter of Fnac Darty

26/07/2017

Ceconomy, Metro Group’s former consumer electronics division containing Media Markt and Saturn, acquired 24.3 % of Fnac Darty’s shares from the Pinault family.

 Blokker adds household appliance specialist AO.nl to Nextail

21/07/2017

Blokker Holding’s online organization, Nextail, will enter a strategic collaboration with online household appliance specialist AO.nl’s Dutch division.

Back to top