Kodak shares soar 300% in wild ride after Trump taps the former film giant to make drug ingredients.
shares soared on Wednesday after President Donald Trump announced a deal to work with the photography pioneer to produce ingredients in generic drugs in response to the coronavirus pandemic.
Just on Tuesday, the stock jumped 203% for its best day ever after the U.S. government awarded the company a $765 million loan to start producing drug ingredients under the Defense Production Act, the first of its kind. Kodak said Tuesday it will produce pharmaceutical components that have been identified as essential but have lapsed into chronic national shortage, as defined by the Food and Drug Administration.The surge in stock price pushed Kodak's market value to $347 million as of Tuesday's close. Before Tuesday's trading it had a market value of about $115 million.
The company said it will expand existing facilities in Rochester, New York and St. Paul, Minnesota under a new Kodak Pharmaceuticals arm.
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Kodak aims to be one of 'greatest second acts' in American industry, adds 300-plus jobsKodak plans to produce generic drug ingredients. The loan will allow Kodak to create 300 jobs in Rochester.\nKodak gets $765M US loan to make generic drug ingredients
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Kodak soars another 60% after Trump announces deal to manufacture generic drug ingredientsKodak soared on Tuesday after President Donald Trump announced a deal to work with the photography pioneer to produce ingredients in generic drugs.
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Trump Gives Medical Stockpile A 'Kodak Moment' With New Loan To Make DrugsThe Trump administration is giving a $765 million loan to Eastman Kodak — which has struggled in the age of digital photography — so the company can manufacture ingredients used in pharmaceuticals.
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Trump says Kodak will make pharmaceuticals with help of $765 million loanPresident Trump returned to the briefing room Tuesday as talks over the latest coronavirus economic rescue package continue on Capitol Hill.
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Move over Tesla: Robinhood day-trading crowd finds a new speculative favorite in KodakShares of Eastman Kodak are up more than 500%, and retail investors are piling into the name.
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WSJ News Exclusive | Kodak Lands $765 Million U.S. Loan in Start of Medical Supply Chain FixEastman Kodak has won a government loan under the Defense Production Act to help expedite domestic production of drugs that can treat a variety of medical conditions and loosen the U.S. reliance on foreign sources.
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