Eastman Kodak (EK), the 131-year-old photo film maker, filed for Chapter 11 bankruptcy protection. Kodak, of Rochester, N.Y., said it obtained a $950 million, 18-month credit facility from Citigroup to keep it in business. Shares were plummeting 29.7% to 39 cents.
BankUnited (BKU - Get Report) is choosing to remain independent after receiving bids that didn't satisfy the bank's board. Shares were plunging 12.2% to $21.90.
Morgan Stanley (MS - Get Report) reported a fourth-quarter loss of 14 cents a share, narrower than the loss of 58 cents a share expected by analysts. Shares were gaining 4.4% to $18.11.
eBay (EBAY - Get Report), the online auctioneer, topped analysts' quarterly earnings estimates. During the quarter, the online giant earned 60 cents a share on revenue of $3.4 billion. Wall Street was calling for a profit of 57 cents on revenue of $3.32 billion. Shares were rising 2.6% to $31.14.
Bristol-Myers (BMY - Get Report) and AstraZeneca (AZN - Get Report) failed to secure the U.S. Food and Drug Administration's approval to sell their new diabetes drug. AstraZeneca was sliding 1.9% to $47.31.
Tech giants Google (GOOG - Get Report), Intel (INTC - Get Report), Microsoft (MSFT - Get Report) and IBM (IBM - Get Report) are scheduled to report earnings after the closing bell Thursday. Analysts believe these tech companies can shake off the debt fears in Europe. Google is expected by analysts to post quarterly earnings of 96 cents a share; Intel is expected to earn 61 cents; Microsoft is seen earning 76 cents; and IBM is likely to earn $4.62, according to analysts. Google shares were up 0.7% to $637.60; IBM shares were up 0.2% to $181.47; Intel shares were up 0.4% to $25.49; and Microsoft shares were trading sideways at $28.25.
Insurer UnitedHealth (UNH - Get Report) reported fourth-quarter profit of $1.17 a share, beating the average analyst estimate of $1.04. The company reaffirmed its full-year earnings forecast of between $4.55 to $4.75 a share. Shares were up 0.2% to $54.05. -- Written by Joseph Woelfel and Andrea Tse >To contact the writer of this article, click here: Andrea Tse. >To submit a news tip, send an email to: firstname.lastname@example.org.