Shares of Eastman Kodak Co. (KODK) nearly tripled (up 192%) in very active premarket trading Tuesday toward a 2 1/2-year high, after a report that the print and advanced materials and chemicals company secured a $765 million government loan to help with the production of drugs to treat a variety of medical conditions. Trading volume ballooned to 10.3 million shares, compared with the full-day average of about 272,000 shares, and enough to make the stock the most actively traded in the premarket. The Wall Street Journal reported ( the loan is from the U.S. International Development Finance Corp., a government agency that works like a bank, and is provided under the Defense Production Act, to loosen reliance on foreign sources. The loan is for Kodak to produce starter materials and active pharmaceutical ingredients used to produce generic medicines, the WSJ report said. The stock, which was on track to open at the highest price seen during regular-session hours since February 2018, had tumbled 43.7% year to date through Monday, while the S&P 500 has gained 0.3%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
July 28, 2020 07:59 ET (11:59 GMT)
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