A.M. BRIEFING [Florida Times Union]
(Florida Times Union Via Acquire Media NewsEdge) AVERAGE PRICE OF GAS FALLS TO $3.27
With the busy Thanksgiving week approaching, the price of gas is still falling. The average price of a gallon of regular gas was $3.27 in Jacksonville on Monday morning, according AAA. That's down from $3.33 a week ago, $3.68 a month ago and $3.37 a year ago.
Nationwide, the average dropped from $3.47 to $3.43 in the past week. Florida saw it drop from $3.43 to $3.36, and in Georgia, it went from $3.30 to $3.23.
Roger Bull The Times-Union BLACKBERRY LAUNCH SET FOR JAN. 30
TORONTO | Research In Motion said Monday that it will hold an official launch event for its new BlackBerry 10 smartphones on Jan. 30. The new phones are seen as critical to RIM's survival.
The Waterloo, Ontario-based company said Monday details on the much-delayed smartphones and their availability will be announced at the event.
The announcement comes as the company struggles in North America to hold on to customers who are abandoning BlackBerrys for flashier iPhones and Android phones.
RIM's current software is still focused on email and messaging, and is less user-friendly, agile and robust than iPhone or Android. Its attempt at touch screens was a flop, and it lacks the apps that power other smartphones. RIM is hanging its hopes on the BlackBerry 10 software. It is thoroughly redesigned for the touchscreen, Internet browsing and apps experience that customers now expect.
Associated Press KODAK WILL BORROW $793M, SOURCE SAYS
NEW YORK | Kodak reached an agreement Monday to borrow $793 million, potentially allowing it to exit bankruptcy protection early next year. That's according to a person with knowledge of the arrangement.
The printing and photography company would borrow the money from a private investment firm, Centerbridge Partners, and the lending arms of asset management firm The Blackstone Group and banks JPMorgan Chase and UBS.
The source, who spoke on condition of anonymity because the deal was not yet announced, says the deal is contingent on Kodak being able to sell its patent portfolio for more than $500 million.
Eastman Kodak filed for bankruptcy protection in January after struggling to adapt to the world of digital photography.
Associated Press PENNEY'S STOCK IN A NOSEDIVE
NEW YORK | J.C. Penney's stock is in free fall.
The company's shares fell more than 13 percent on Monday, the biggest percentage decline by far among big companies in the S&P 500 for the day. Penney stock lost nearly $3 on Monday to close at just under $18, its lowest price since March 2009 when the United States was in a recession.
The drop follows Standard & Poor's Ratings move to lower Penney's credit rating deeper into junk status on Friday. And that came on the same day that the company reported its third consecutive quarter of big losses.
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