This Afternoon's Top News Stories

Here's a quick look at a few of the headlines making news this Monday afternoon.

Transocean wades out of shallow water
(NYS: RIG) has agreed to sell most of its shallow-water drilling fleet to Shelf Drilling International, a newly formed company owned by private equity investors and management, according to a Bloomberg report. The deal is for Shelf Drilling to pay $855 million in cash and $195 million in preferred shares for 38 rigs, Bloomberg reports, noting that the company said in an SEC filing that it expects to recognize a "significant" loss on the sale.

Amazon blockers
(NAS: AMZN) has reversed course and will allow users of its new Kindle Fire tablets to turn off ads programmed to show up on their "home" and "lock" screens -- for a price, several media outlets are reporting. Amazon had said the tablets would display "special offers," but now says users can block them for $15, matching opt-out provisions with its other devices. Reuters reported the following comment from an Amazon spokesman: "We know from our Kindle reader line that customers love our special offers and very few people choose to opt out. We're happy to offer customers the choice."

Kodak gets smaller still
Eastman Kodak
(OTC: EKDKQ) has announced that it will cut another 1,000 jobs and that co-President Philip J. Faraci and Chief Financial Officer Antoinette P. McCorvey will leave the company, according to a report in The Wall Street Journal. The latest worldwide cuts come on top of 2,700 others so far this year and will take Kodak down to around 13,400 workers, according to the report, when it once employed more than 150,000. The company filed for bankruptcy protection in January.

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