Kodak Sells Its Patents and GM Buys Back Its Stock: Market Recap
The markets closed down on Thursday Wall Street, perhaps following renewed tension in the fiscal cliff discussions in Washington.
At the close: DJIA: -0.74%, S&P 500: -0.76%, Nasdaq: -0.33%.
On the commodities front, Oil (NYSE:USO) climbed 1.54 percent to $89.76 per barrel. Precious metals dropped, with Gold (NYSE:GLD) falling 0.01 percent to $1.670.60 per ounce, and Silver (NYSE:SLV) falling 1.53 percent to $31.19 per ounce about three minutes after the bell.
General Motors Company (NYSE:GM) announced that it will purchase 200 million shares of common stock from the U.S. treasury at $27.50 per share, bringing the total purchase to $5.5 billion. At the same time, the Treasury announced its intention to fully exit its investment in GM in 12 to 15 months, subject to market conditions… (Read more.)
Eastman Kodak Co. announced on Wednesday that it has reached an agreement to “successfully monetize its digital imaging patents.” Kodak, which is in the throws of Chapter 11 restructuring, will receive approximately $525 million from Intellectual Ventures and RPX Corporation (NASDAQ:RPXC), patent-holding firms reportedly backed by Apple (NASDAQ:AAPL), Google (NASDAQ:GOOG), and Microsoft (NASDAQ:MSFT)… (Read more.)
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SIRIUS XM Radio Inc. (NASDAQ:SIRI) announced that James Meyer, president of sales and operations, has been appointed interim CEO effective immediately, following the exit of Mel Karmazin. Meyer will also join the board of directors in Karmazin’s place… (Read more.)
UBS AG (NYSE:UBS) has agreed to pay 1.4 billion Swiss francs ($1.54 billion) to U.S., U.K., and Swiss authorities to settle investigations related to the LIBOR rate-fixing scandal. UBS also acknowledged that dozens of employees were involved in the widespread rate-rigging scheme.
Fed-Fueled Housing Recovery Loses Some Steam: The United States Census Bureau and the Department of Housing and Urban Development released residential construction statistics for November, providing some more evidence of a seasonal slowdown in a generally healthy housing recovery… (Read more.)
Don’t Miss: Fed-Fueled Housing Recovery Loses Some Steam.