6at4 Business Report: IBM, Microsoft, Kodak
A switch among rankings of tech powerhouses, and U.S. incomes fall.
The Stock Market
It was a Friday afternoon sell-off for the markets as we closed out the month of September, which is also the last trading day of the third quarter. The S&P was down 13% during the past three months. Looking ahead, at least historically, October is not a great month for markets.
Incomes Drop In August
Many Americans are taking a hit to their wallets. for the first time in almost 2 years, incomes dropped unexpectedly in August. It's forcing people to dip into their savings, causing the savings rate to drop as well. The savings rate fell to 4.5% in August. That's the lowest level since 2009.
Kodak Considering Bankruptcy
A 131-year-old iconic American company may be filing for bankruptcy. shares of Kodak fell as much as 68% today after sources told Bloomberg that the camera maker is considering a bankruptcy filing as the company tries to sell some of its patents. Sources says the bankruptcy filing is not imminent though.
IBM Beats out Microsoft
IBM beat out Microsoft to become the world's second most valuable tech company. Both are behind Apple. Analysts say it's because the industry is shifting away from the personal computer. This is the first time IBM has beat out Microsoft since 1996 according to Bloomberg data.
6at4, stock market, economy, ibm, microsoft, apple, business/finance
- Plane's landing gear collapses at Phila. Airport
- After a Cold Night, Temps Rebound
- Get the 6abc StormTracker app
- WATCH: Action News Online
- Photos: Pictures of Old City building collapse
- Photos: Suspects wanted by Philadelphia Police
- Police investigate death of toddler at Del. daycare
- 5 arrested after Logan murder, standoff
- Police: Coatesville man died before fire began
- NJ charges 4 with false Sandy aid applications
- Missing plane sent signals to satellite for hours
- Mississippi man who awakened inside body bag dies
- 8th body recovered after NYC explosion
- Philadelphia Zoo welcomes 2 new tiger cubs