After two weeks on the job, Eastman Kodak CEO George Fisher is making it clear he won't manage his company just to please Wall Street. On Dec. 15, Fisher bluntly announced that Kodak's 1994 earnings likely will fall well below analysts' expectations and barely exceed 1993's. And he warned that cost-cutting would proceed at a measured pace, a shock to Wall Street, which had been counting on massive layoffs and other economy measures to propel earnings. Analysts rushed to cut their 1994 forecasts from about $3.50 a share to $2.80. Kodak stock sank 7 1/4 on the news, to 55 1/2.
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