Today's Major Market Move: Eastman Kodak drops 30% in Wednesday's Session

The inexorable march of technological progress claims another buggy whip maker. Today the rumor came out (a rumor so widely dispersed that it verges on news) that Eastman Kodak (ticker: EK) is preparing to file for chapter 11 bankruptcy. The share price, which had already been beaten down to penny stock levels, dropped another 30% in today's session . It is down over 90% since the beginning of 2011:

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We discussed EK previously on November 27th. The plan at that time was to try to generate cash from the patents but it appears that the operational cash burn was too much to overcome. There's not much more to read into this from a wider macro economic perspective. It's a simple story really; technology advances and some companies are made obsolete.