In this report: Barnes & Noble (NYSE:BKS), Eastman Kodak (NYSE:EK) and Boston Beer Company (NYSE:SAM).
Barnes & Noble (NYSE:BKS) shares have plummeted by more than 17 percent today after the company forecasted a much bigger loss for the year that it had previously expected. The company also stated that it is looking at options for its fast growing Nook e-reader business as the company scrambles to keep up with quick changing demand and regain profitability. The Nook business is expected to generate $1.5 billion in revenue during the 2012 fiscal year but the company is looking at options that could include separating it into its own company. The company now expects earnings to be between $150 million to $180 million during 2012, lower than its previous expectations of $210 million to $250 million. Barnes & Noble last traded at $11.15 per share.
Eastman Kodak (NYSE:EK) is trading another 6 percent lower today after sliding by more than 23 percent yesterday following an article released by The Wall Street Journal that stated that the company is preparing for a Chapter 11 bankruptcy-protection filing in the next couple of weeks if it cannot sell its digital patent portfolio, the report did not cite people familiar with the matter. The report stated that it could begin filing for Chapter 11 as soon as this month or early February but the company said that it “does not comment on market rumor or speculation”. WSJ also mention that Kodak is making a last-ditch effort to sell the patents but that it will prepare to make the filling should its efforts fail. The report came a day after Kodak stated in a filing that it could be delisted from the NYSE unless its fortunes turn around within the next six months. Eastman Kodak currently trades at 44 cents per share.
Boston Beer Company (NYSE:SAM) shares have dropped by more than 4.6 percent today after the company received a downgrade by analysts at Goldman Sachs. The firm cut its rating on the beer company to ‘Sell’ from ‘Neutral’ which led to the drop in stock to its current price of $100.59 per share.
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