Market Wrap: OJ Gets Expensive; Kodak Gets On the Offensive; Urban Outfitters CEO Gets Evasive

Market wrap-up for January 10th

End of the Day: Dow Jones up 69.8 to 12,462.47; Nasdaq up 25.9 to 2,702.50; S&P 500 up 11.4 to 1,292.08

The following is a brief summary of events moving markets today:

• We'll always have Paris: Eastman Kodak (NYSE: EK) is making some big moves today:
  • it filed lawsuits against Apple Inc. (Nasdaq: AAPL) and HTC Corporation, alleging the infringement of certain Kodak patents relating to digital imaging technology. The best part is from CIO Lynch, who said, "We remain open to negotiating a fair and amicable agreement with these companies" (a.k.a. - please settle, we need the cash!); and
    
    
  • it has reduced its number of segments from three to two – the Commercial Segment and the Consumer Segment – which will both report into a newly created Chief Operating Office.
• No, not the whole thing!: Ford Motor Co. (NYSE: F) ended the session flat...essentially dragging it's win streak to 8 trading days, and up for 2012 so far. But everything wasn't so hunky-dory (H/T David Bowie) early on, when the Street received a panic message that Ford might be posting a loss for the fourth quarter.
  
  CFO Lewis Booth said "The impact of the Thai floods is a bit bigger than we anticipated. We guided in the third quarter that all business units would be profitable for the full year. We now think that’s no longer possible because of the impact of the Thai floods." This was interpreted as an overall loss, when he really meant just in Asia-Pacific from the Thai flooding.
  
  
• Only way now is up, right?: According to Fitch Ratings, the biggest risk to the euro is (*drumroll*): Italy! Citing lack of a region-wide plan to prevent risky sovereign-debt contagion as well as high borrowing costs and its overall debt issues. One rep from Fitch said Italy's credit rating is likely to be downgraded by the end of January.
  
  Italy also plans to sell about €440 billion of government bonds in 2012, which Fitch thinks is daunting given borrowing costs.
  
  
• Will he get a Golden Parachute (pants)?: Urban Outfitters, Inc. (Nasdaq: URBN) hit late-Tuesday, following the abrupt resignation of CEO Glen Senk. The company said Mr. Senk indicated that he plans to pursue another opportunity, but that he will remain with the Company for a period of time to assist management with the transition. He has also resigned from the Board of Directors. Shares were about 15 percent lower at last check.
  
  
• Ugh, now orange juice is getting out of control.: Getting sick is getting expensive: When you get sick, what do you do? Have some chicken soup and orange juice (but not together). With chicken prices notching some gains in 2011, and orange juice hitting an all-time high at $2.1275 per pound. What's next? A surge in Snuggies prices?

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