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Kodak (NYSE: KODK) stocks ready to add to their 1,457 percent profit since Monday

Kodak (NYSE: KODK) – formally known as the Eastman Kodak Company – has seen its fortunes turn dramatically over the course of this week. The former camera-focused company will now become a biotech powerhouse with the full blessing of the U.S. government and unleash a dazzling rally in its stock.

As of 8:19 a.m.ET, Kodak’s pre-market share has gone up another 22.89 percent and is currently trading at the price level of $ 40.80. Compared to Monday’s closing price of $ 2.62, the stock is now up a whopping 1.457 percent!

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So what caused such a dramatic rally in Kodak’s stock price? Well, on July 28, the Trump administration announced that it would provide Kodak with a loan of $ 765 million. This funding would be used by the company to boost production of the key ingredients used by the pharmaceutical industry, thereby reducing US dependence on China and India for these products. According to the details, Kodak will receive the earmarked loan from the US International Development Finance Corp. (DFC) – a new foreign investment company that, in partnership with the Department of Defense (DoD), is trying to build a strategic inventory of essential medical supplies. . Adam Boehler, the head of the DFC, said on occasion:

“It is unacceptable in the future for American medicines – the generic form of medicines – to be made in China and outside the United States.”

Kodak will now use its expertise in the manufacture of camera film chemicals to manufacture key pharmaceutical ingredients. The company would eventually produce at least a quarter of these essential raw materials currently imported from abroad.

As with all momentum-driven rallies in the current paradigm, the announcement quickly caught the attention of the Robinhood traders, who flocked to the Kodak shares. To illustrate the wild mania surrounding Kodak stock, the stock was halted 14 times on Wednesday as it continued its inexorable march into the stratosphere. The following image, taken from Robintrack, illustrates the rising interest in the stocks among Robinhood traders.

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So how far can this rally go? Yesterday, the stock went to $ 60 before closing at $ 33.20. In today’s pre-market, Kodak shares have already passed the $ 40 price level. We would therefore not be surprised if the stock once again peaked yesterday. Nevertheless, due to the increased volatility, we would like to warn potential traders to jump headlong into this momentum-driven game without doing due diligence.

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