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EK fights back after Bankruptcy Fears

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Eastman Kodak Co. (NYSE: EK) has sold off big time on possible bankruptcy woes as traders spread the rumor of the possibility… though EK has fought back saying that it intends to revolutionize the company and does not plan on filing for bankruptcy at this time. EK closed up over 70% yesterday at $1.34.

EK launched the KODAK EASYSHARE Camera Bundle (C1530), Susan G. Komen Edition today, a one-of-a-kind camera bundle from Kodak that will feature a slim camera case, 4GB memory card and wrist strap with pink ribbons. Kodak will directly support Susan G. Komen for the Cure® with $4 out of every purchase of the camera donated to the charity to help fight breast cancer.

EK announced Friday the launch of the new PLAYFULL Waterproof Video Camera, a pocket video camera that is the perfect size to have on hand for any occasion. Showing Kodak’s commitment to innovation, affordability and understanding the consumer’s needs, the PLAYFULL makes capturing every enjoyable moment fun and worry free.

Kodak said it is committed to meeting all of its obligations and has no intention of filing for bankruptcy. The company also said it continues to actively pursue its previously announced strategy to monetize its digital imaging patent portfolio. Kodak hired law firm Jones Day for restructuring advice as it explores all options for a planned transformation.

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Technical Analysis

EK closed up over 70% yesterday, but is still a dollar lower than the 20 day moving average and has quite a gap to fill. The RSI is tipping up out of oversold territory at 33 with the ADX starting to revert as the stock trend gains momentum. The positive line on the MACD is starting tip up as well and could have a possible positive cross.

ek-chart

Good Luck,

Ian Decker

Disclosure: No Position

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