In this report: Eastman Kodak (NYSE:EK), Kodiak Oil & Gas Corp. (NYSE:KOG) and Morgan Stanley (NYSE:MS).
Eastman Kodak (NYSE:EK) is trading over 5 percent lower today after the camera pioneer announced on Tuesday that both Adam Clammer and Herald Chen have resigned from the board of directors. Both men had been representing private equity fund Kohlberg Kravis Roberts & Co. on Kodak’s board after the firm invested $300 million into Kodak in 2009. Eastman Kodak paid back the investment last year. Reasons for the departure were not mentioned in the press release but the Wall Street Journal cited sources that had mentioned that the two men had become increasingly frustrated with the pace of Kodak’s turnaround. Eastman Kodak (NYSE:EK) currently trades at 65 cents per share.
Kodiak Oil & Gas Corp. (NYSE:KOG) is trading over 3.4 percent lower today after the company received a downgrade by analysts at Northland Securities. The firm cut its rating on Kodiak Oil & Gas to ‘Market Perform’ from ‘Outperform’ with a $10 price target. Northland Securities cited valuation concerns for the move which seen Kodiak’s stock drop to its current price of $9.56 per share.
Morgan Stanley (NYSE:MS) is trading nearly 2 percent lower today after the company announced that it would cut 580 jobs in New York. The move is becoming common practice within the financial sector as banks slash their workforce to contend with the effects of a dismal economy. Bank of America, Citigroup and UBS have all announced that they are downsizing recently. The cuts by Morgan Stanley will represent 2.6 percent of its workforce.
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