The Wall Street Journal (May 3, 1989) reported that Eastman Kodak was battered by unfa vorable currency

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The Wall Street Journal (May 3, 1989) reported that Eastman Kodak was “battered” by unfa¬ vorable currency exchange rates in its key imaging subsidiary. The latest earnings for the first quarter of 1989 were far below expectations and Kodak stock fell $3.25 in response to the news. The imaging subsidiary is essential to Kodak’s operations, and its earnings alone plunged by 20%, from $201 to $160 million. REQUIRED: Explain

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