Top 10 News Items 1/17-1/20: Google Miss Sends Shares Down 8%; Yahoo!'s Yang Finally Steps Down; Eastman Kodak Files for Bankruptcy

January 20, 2012 4:23 PM EST
Here is a recap of the top news items from this week on Wall Street:

1. Shares of Google (Nasdaq: GOOG) tumbled an unprecedented $56 during Friday's session following fourth-quarter top- and bottom-line misses Thursday afternoon. The search giant posted quarterly EPS of $9.50 on ex-TAC sales of $8.13 billion. The Street was looking for EPS of $10.49 on sales of $8.4 billion.

2. Patient Yahoo! (Nasdaq: YHOO) investors may have got some resolve this week: after years of inconsistent performance, co-founder and director Jerry Yang announced his resignation. The move follows the appointment of Scott Thompson as CEO on January 4th. Shares of Yahoo! moved 3 percent higher on the day following the news.

3. After months of speculation, Eastman Kodak (OTC: EKDKQ) finally succumbed to continued pressure on its businesses. Shares are now trading on the OTC market under the ticker "EKDKQ." From the release: "The business reorganization is intended to bolster liquidity in the U.S. and abroad, monetize non-strategic intellectual property, fairly resolve legacy liabilities, and enable the Company to focus on its most valuable business lines."

4. Data out of China this week showed the nation grew at the slowest pace in about 10 quarters over 2011's last quarter. The economy grew at a 8.9 percent pace in the quarter, down from the 9.1 percent growth last quarter but better than the 8.6 percent growth economists had expected.

5. Bank results were mostly mixed this week, however leaned more towards the better-than-expected side: Goldman Sachs (NYSE: GS), Wells Fargo (NYSE: WFC), Morgan Stanley (NYSE: MS), Citi (NYSE: C) and BofA (NYSE: BAC) all reported. The XLF ETF (NYSE: XLF) closed this week up more than 2 percent.

6. Elsewhere on the earnings front: eBay (Nasdaq: EBAY), F5 (Nasdaq: FFIV), Cree (Nasdaq: CREE), IBM (NYSE: IBM), Freeport-McMoRan (NYSE: FCX), Microsoft (Nasdaq: MSFT), Intel (Nasdaq: INTC), AXP (NYSE: AXP), Union Pacific (NYSE: UNP) and GE (NYSE: GE).

7. Shares of Carnival Corp. (NYSE: CCL) plunged nearly 14 percent on Monday following a tragic shipwreck off the coast of Italy last weekend. For the fiscal year ending November 30, the impact to 2012 earnings for loss of use is expected to be approximately $85-$95 million or $0.11-$0.12 per share. In addition, the company anticipates other costs to the business that are not possible to determine at this time.

8. At its education event in New York on Thursday, Apple (Nasdaq: AAPL) unveiled its iBooks 2 for the iPad, featuring iBooks textbooks. iBooks Author is also available as a free download from the Mac App Store and lets anyone with a Mac create stunning iBooks textbooks, cookbooks, history books, picture books and more, and publish them to Appleā€™s iBookstore.

9. Inflation concerns abated as CPI and PPI were flat and down 0.1 percent, respectively, in December. From the same month last year, produce prices were up 4.8 percent while consumer prices were up 3 percent.

10. Initial jobless claims fell 12 percent this week to the lowest level since early 2008. Initial claims totaled 352,000, sharply better than the 384,000 expected by economists. Continuing claims totaled 3.432 million.

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Initial Jobless Claims, Citi, Morgan Stanley, Bank of America, Top 10 News Items for the Week, Bankruptcy, Earnings, Wells Fargo, PPI

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