Kodak's picture not so rosy beneath the headlines

Eastman Kodak (Symbol: EK) was once the grand dame of the photo biz but in recent years it’s more famously known as the anchor around lmvtx (LMVTX) manager Bill Miller’s fund, or maybe just as an exercise in perpetual downward motion. It’s been about two years and $10 a share of further declines since I first started complaining that Miller should dump his giant Kodak position. He started buying in the $50s - today the shares are slumping around $20. In November, with the shares slumping again, Miller was still bullish though calling for a target price of around $45 — less than he paid for the stock seven or eight years ago.

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