Why Kodak Stock Skyrocketed 203% Today
Shares of Eastman Kodak (NYSE: KODK) more than tripled on Tuesday, following news that the technology company would receive a $765 million loan from the U.S. government to produce vital coronavirus-related pharmaceutical components.
Eastman Kodak will use the funds to launch Kodak Pharmaceuticals, a new division that will produce pharmaceutical ingredients deemed critical by the U.S. Department of Defense (DOD) and the Food and Drug Administration (FDA). The funds will be issued by the U.S. International Development Finance Corporation (DFC) at the direction of President Donald Trump under the Defense Production Act (DPA).
Eastman Kodak's stock soared after it received a game-changing investment from the U.S. government. Image source: Getty Images.
Source Fool.com
