Kodak Halted 9 Times As Stock Explodes Higher Amid Flood Of Retail Buying
Tyler Durden
Wed, 07/29/2020 – 10:37
Yesterday morning we reported that the formerly giant and now tiny Kodak had received a $765m loan from the government to shift to producing chemicals needed for local production of generic medicines, a step taken to ensure that the US is no longer solely reliant on China and India for such inputs, and which sent the stock sharply higher on Tuesday, we had a simple question: why was the stock not much higher: after all with a market cap of just a few hundred million, this stock was about to be a call option on a US-government funded shift to non-China supply chains. And sure enough, we asked as much well before today’s market open.
If Trump plans to use Kodak as the anti-China stock with full government backing, shouldn’t it be trading at $100?
— zerohedge (@zerohedge) July 29, 2020
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We also noted that once Robinhooders discovered the company’s upward momentum, it would soon become the most popular stock on the retail-focused brokerage.
KODK be a top 10 RH stock in a few days pic.twitter.com/VDyAwb1cV1
— zerohedge (@zerohedge) July 29, 2020
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Well, we were right, because less than an hour into trading, Kodak stock has been already halted no less than 8 times…
… amid relentless surges in volatility, which have sent the stock which was trading at just $2/share a few days ago above $50, one of the biggest stock spikes in history.
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