Kodak (EK) Has The Wrong Picture

Shares of Eastman Kodak (EK) were butchered today after earnings failed to impress investors. Shares dropped 16.89% to end the day at $6.94. Kodak reported earnings of 82 cents per share which was 8 cents lower than Wall Street expectations. Revenue was in line at $1.93 billion dollars. On CNBC's Fast Money Anthony Scaramucci stated that he thinks that shares are headed lower. He thinks that "the company's bottom line was propped up by licensing deals fueling concerns about the long term health of its camera, film and printer businesses." Investors need to be careful with the stock because earnings are projected to be negative next year based on expiring patents.