Kodak’s stock soars nearly 300% and trips more than a dozen circuit breakers
The enormous rally in Kodak shares has no end in sight, after the Trump administration announced the company will be transformed into a pharmaceutical producer under the Defense Production Act.
On Tuesday, President Donald Trump announced the company would receive a $765 million loan to launch Kodak Pharmaceuticals, which will produce generic active pharmaceutical ingredients.
The company’s shares have skyrocketed on the news. Following a more than 200% jump in Tuesday trading, the rally has continued into Wednesday.
The New York Stock Exchange halted trading in the shares multiple times Wednesday morning, as they had gained more than 500% by mid-morning. The stock has pared those gains but was still up nearly 300% midday.
Kodak, once a giant producer of film and cameras before the digital era, pivoted to turn itself into a a materials and chemical company. It filed for bankruptcy in 2012 and emerged as a restructured business the following year.
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