Kodak stock Price has rises as much as 1,900% in two days after the camera company secured a $765 million government loan to produce generic-drug ingredients in response to the coronavirus pandemic.
Kodak stock price rises 1,900% in 2 days
- Kodak Stock Price more than tripled on Tuesday, then jumped as much as 570% to at least a seven-year high on Wednesday.
- The group’s market capitalization ballooned more than 20-fold to about $2.2 billion at one point.
President Trump described the Kodak agreement as “one of the most important deals in the history of US pharmaceutical industries” in a press briefing on Tuesday.
- Pharmaceutical ingredients could eventually account for 30% to 40% of Kodak’s business, CEO Jim Continenza Pharmaceutical ingredients could eventually account for 30% to 40% of Kodak’s business, CEO Jim Continenza.
- Kodak dominated the photographic-film market and boasted a market cap of nearly $30 billion in 1997.
- However, it filed for bankruptcy in 2012 after the digital camera rendered many of its products obsolete — even though it invented the digital camera, according to the New York Times.
- Kodak’s revenues fell 6% to $1.2 billion in 2019, widening its pre-tax loss to $60 million.