With no prior pharmaceutical experience, the film and camera company will be challenged in producing medical equipment for its citizens.
Invoking the power of the Defense Production Act, President Donald Trump has assigned Kodak to be one of the top medical manufacturers.
This year, the POTUS also had tensions with 3M for violating the Defense Production Act, and it looks like he has found a new ally.
As per Reuters, Eastman Kodak executive chairman and CEO James Continenza was granted options for 1.75 million shares due to an “understanding” with its board that wasn’t in his employment contract, nor it was publicly disclosed.
The options deal happened before the official loan announcement of the Trump administration. Now the shares are worth over 500% since the last price on July 27 at $2.62 per share.
MSNBC’s Stephanie Ruhle also got skeptical over the Kodak deal, for there are a lot of pharmaceutical companies in the U.S. where the POTUS can exercise the Defense Production Act.
The recent rise of Kodak reminds traders and investors of the bullish rally of companies this year that filed for bankruptcy like Hertz and Whiting Petroleum.
President and CEO of Thornburg Investment Management Jason Brady said in an email to CNN Business:
“The market is more driven by retail [investors] in the short term than it has been in some time.”
As per Robintrack, a site where it records most actively traded stocks in Robinhood, Kodak is currently part of the top 100 traded stocks ranking at 84.
With the recent Dogecoin hype that happened this year, Robinhood retailers may be either taking or holding profits off Kodak.
Featured image courtesy of analogicus/Pixabay
The latest Dell XPS 13 is finally here. The new ultrabooks are sporting the latest…
Word is going around that a cyber attack caused the Microsoft Teams and Office 365…
Google backtracked on its previous announcement that Google Meet is ending this month. Google account…