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Wednesday, July 20, 2011

Kodak shopping around tech patents, shares rise, (NYSE: EK)

Eastman Kodak (NYSE: EK) is shopping around its patents for digital imaging, responding to investor complaints that the photography company has failed to capitalize on red-hot demand for tech patents. Kodak said on Wednesday it has hired Lazard to advise on strategic options for its patents related to capturing and editing images, which represent about 10 percent of its U.S. patent portfolio, The entire portfolio could be worth up to $2 billion, according to Rafferty Capital Market analyst Mark Kaufman, noting that investors want Kodak to make better use of its lucrative portfolio of intellectual property. Shares of Kodak rose more than 2 percent after the announcement, having plunged 35 percent over the last month on doubts about plans for its intellectual property portfolio as well as its overall strategy.

Eastman Kodak Company (Kodak) is engaged in the sale of imaging products, technology, solutions and services to consumers, businesses and professionals. Shares of EK traded higher by 1.73% or $0.04/share to $2.35. In the past year, the shares have traded as low as $2.25 and as high as $5.95. On average, 11461000 shares of EK exchange hands on a given day and today's volume is recorded at 4909603.