Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of photography veteran Eastman Kodak (NYSE: EK) met the harsh glare of unforgiving markets today, sliding as much as 17% on moderate volume, with most of the damage done by heavy afternoon action.

So what: Last night, both Moody's and Fitch cut the company's debt ratings, citing limited cash flows and an alarming decision to actually use $140 million of its emergency credit lines. Piling on for good measure, both CNBC and CNN aired and published negative takes on the former camera giant's miserable situation today, and the worst of the downside action followed the CNBC clip.

Now what: It's a shame to see this once-proud company reduced to penny-stock status, looking for some salvage value in an increasingly outdated patent portfolio. It didn't have to be this way. Fellow old-tech titan Xerox (NYSE: XRX) has shown that old dogs can learn new tricks to stay relevant in changing times.

Interested in more information about Eastman Kodak? Add it to My Watchlist.

Fool contributor Anders Bylund holds no position in any of the companies discussed here. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool is investors writing for investors.