Just a day before the largest tech companies release their quarterly earnings, Kodak sporadically surfaced in the news after acquiring a $765 Million loan from the United States government. The loan was given to facilitate necessary equipment and start of costs for the creation of Kodak Pharmaceuticals.
“Addressing the unprecedented challenges we face today—and preparing for future crises—requires innovative ideas and partnerships,” said Boehler. “Today, we are bringing together the significant resources and expertise of the private sector and U.S. Government. We are pleased to support Kodak in this bold new venture. Our collaboration with this iconic American company will promote health and safety at home and around the world.”
“Kodak is proud to be a part of strengthening America’s self-sufficiency in producing the key pharmaceutical ingredients we need to keep our citizens safe,” said Kodak Executive Chairman Jim Continenza. “By leveraging our vast infrastructure, deep expertise in chemicals manufacturing, and heritage of innovation and quality, Kodak will play a critical role in the return of a reliable American pharmaceutical supply chain.”- International DFC
Yesterday was a wild day to say the least for Kodak and online day traders.
KODK was $2.62 on July 27th, by the end of the day on Tuesday it closed a $8.50. Kodak’s executive recently came out with a statement addressing the increase in trade activity. Literally, many people added millions to their portfolio off of the surge of increase in Kodak’s stock price (over 1500% ROI). In fact, it has been reported that circuit breakers were tripped 20 times in yesterday’s trading activity with Kodak.
Many people are wondering why Kodak of all companies (who has had a steady decline in sales and profits as a camera/photo company). Likewise, the pivot into a biotech market should garner attention as this large sum of money has been allocated during a global pandemic with Covid-19. Only time will tell, but it will be interesting to see what other companies will receive similar loans and bailouts during this time. Let us know what you think and check out the video below.