Kodak’s stock soars nearly 300% and trips more than a dozen circuit breakers

CNN
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by CNN
Latest Consumer Technology Products On Display At Annual Ces In Las Vegas
LAS VEGAS, NV - JANUARY 10: Kodak's Printomatic instaprint cameras are displayed at the Kodak booth during CES 2018 at the Las Vegas Convention Center on January 10, 2018 in Las Vegas, Nevada. CES, the world's largest annual consumer technology trade show, runs through January 12 and features about 3,900 exhibitors showing off their latest products and services to more than 170,000 attendees. (Photo by David Becker/Getty Images)

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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