KODK Stock Price: Eastman Kodak Company continues to surge after CEO cleared of wrongdoing

  • NYSE:KODK jumps a further 25% on Thursday as investors pile back into the company.
  • Internal stock options were deemed to be legal transactions for the company after a legal review.
  • The $765 million government loan to develop pharmaceutical ingredients will now be awarded to Kodak.

NYSE:KODK has been one of the surprise stocks of the year so far as the Trump Administration awarded the former photography titan $765 million to begin producing pharmaceutical ingredients in New York. Shares are now up 72% since the beginning of the week as investors have shown renewed faith in the stock that rocketed up to $60 per share when the loan was first announced. Kodak exhibited a massive spike in trading volume over the past couple of days with a high of 90 million shares changing hands compared to the average trading volume of just over 26 million per day. 

The legal investigation came from alleged insider action as the CEO awarded several executives with high volume stock options right before the government loan was announced. As a result, the entirety of the loan was frozen while the SEC looked into Kodak’s actions to determine if they were untoward or not. As a result of the investigation, the stock price took a nosedive from its high of $60 all the way back down to single digits. Now that the loan should be awarded in full, investors are chomping at the bit to get back into Kodak before the production of the pharmaceutical ingredients begins.

KODK stock market

KODK stock news

The question remains if Kodak can actually deliver on the production of these ingredients, some of which are believed to be used in the manufacturing of COVID-19 vaccines for America. Kodak has been dormant for years now after the popularity of film cameras went out of style. The market cap of the company has fallen to a measly $809 million and investors are certainly putting their faith into a company that has not been profitable for decades now. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD edges above 1.18 amid mixed US data, slim stimulus hopes

EUR/USD is trading above 1.30 after US Durable Goods Orders beat expectations but Consumer Confidence missed estimates. Hopes for a US stimulus deal are slim with a week left until the elections.


GBP/USD stabilizes above 1.30 amid Brexit and covid uncertainty

GBP/USD is hovering above the round 1.30 levels as rising UK COVID-19 cases, uncertainty about Brexit, and PM Johnson's political problems weigh on sterling. US data has been mixed.


XAU/USD pares early gains, turns flat near $1,900

For the third straight trading day on Tuesday, the XAU/USD pair is moving sideways above $1,900 as participants wait for the next significant catalyst. After climbing to a daily high of $1,910 earlier in the day, the pair lost its traction and was last seen trading virtually unchanged on the day at $1,902.

Gold News

Bitcoin breaks new yearly highs; the road to $15,000 is clear

Bitcoin breaks new yearly highs and hits $13,464. The road to $15,000 is clear as there are no major resistance levels above the current price.

Read more

WTI trims losses and moves near $39.00/bbl ahead of API

Following two consecutive daily pullbacks, prices of the West Texas Intermediate regain some buying interest and reach the $39.00 mark per barrel on turnaround Tuesday.

Oil News