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What: Shares of photography veteran Eastman Kodak
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a shame to see this once-proud company reduced to penny-stock status, looking for some salvage value in an increasingly outdated patent portfolio.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
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.