“You can’t fix stupid,” WH trade adviser Peter Navarro rips executives at Kodak for their handling of a government loan to produce pharmaceutical ingredients in the US. “You can’t even anticipate that degree of stupidity.”
The stock had been languishing at around $2 per share for months prior. It traded as high as $60 per share the day after the deal.
Shares of Kodak, best known for producing camera film, skyrocketed on news of the pharmaceutical loan. The stock had been languishing at around $2 per share for months prior. It traded as high as $60 per share the day after the deal. However, it also was observed that trading activity of Kodak’s stock picked up significantly the day prior to the official announcement.
Navarro has touted the importance of relocating the pharmaceutical supply chain in the U.S., especially in a coronavirus world. He stressed the investigation of potential wrongdoing by Kodak should run its course. “We don’t know why that happened or what they did. Let the investigation happen. Kodak’s doing an internal one as well but we’re moving forward. We’re not looking in the rear view mirror.”
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