Kodak Doesn't Profit as Facebook Bets a Billion on Photo Sharing

In late 2011, as Kodak was hurtling toward bankruptcy, many saw a sale of its Kodak Gallery business as helping the company raise cash to avert a bankruptcy filing. In November, the Wall Street Journal reported that private equity firms and retailers were looking to buy Kodak Gallery. According to anonymous sources familiar with those talks, the sale was expected to net "hundreds of millions of dollars" for Kodak.

Since Kodak entered bankruptcy in January 2012, the company has been selling assets in bankruptcy court as it looks to re-emerge as a slimmed down business that no longer makes digital cameras.

On Monday, CNBC reported that Facebook may push its initial public offering to June because of its M&A activity. The worlds largest social network bought $550 million worth of AOL patents from Microsoft(MSFT) and reported falling revenue growth and profitability in its third quarter earnings, earlier in the week.

For more on Shutterfly, see 5 stocks that could rise. For more on Kodak's last ditch efforts to sell patents and avert a bankruptcy, see more on why its patent pivot wasn't enough.

-- Written by Antoine Gara in New York