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Stocks tumble; Kodak refutes rumors

Friday, September 30, 2011 - 01:58

Sept. 30 - Summary of business headlines: Wall Street ends worst quarter since 2008 with another sell-off; ''It is not possible to give up on Greece'' -Sarkozy; Kodak denies bankruptcy rumors. Conway G. Gittens reports.

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There was a collective thud heard across Wall Street as the third quarter ended with stocks dropping like a rock. Worries about the global economy brought out the bears in full force, putting the finishing touches on the worst quarter for the stock market since the 2008 financial crisis. There was more verbal support for Greece but that did little to sway sentiment. French President Nicolas Sarkozy and Greek Prime Minister George Papandreou left a meeting seemingly united in their view that Greece will make the necessary changes to cut spending and reduce debt, and avoid a default. Sarkozy offered this assurance: SOUNDBITE: FRENCH PRESIDENT NICOLAS SARKOZY (FRENCH WITH ENGLISH TRANSLATION) SAYING: "It is not possible to give up on Greece; for economic and moral reasons." The French leader says he will meet in coming days with Germany's Angela Merkel to further discuss solutions to Greece's debt troubles. The future of Eastman Kodak, the once popular king of photography film, could be in jeopardy. The company, which hasn't had much success with other products, has hired a restructuring advisor, according to the Wall Street Journal. And could be thinking about bankruptcy, according to a Bloomberg report. That speculation comes one day after a stakeholder urged Kodak to put itself up for sale. In a press release, Kodak says it has no intention of filing for bankruptcy. Back to the markets now, Wall Street dropped 2-1/2 percent on Friday as data out of China suggest the global economy is slowing. For the July to September period: The Dow lost 12.1 percent, the S&P 500 lost 14.3 percent and the Nasdaq lost 12.9 percent. Stock markets in Europe wrapped up their worst quarterly loss since the collapse of Lehman Brothers three years ago. Conway Gittens, Reuters

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