Why Kodak Stock Jumped Today
Shares of Eastman Kodak (NYSE: KODK) climbed on Thursday, after news broke that President Donald Trump will sign an executive order requiring the federal government to purchase drugs and other medical supplies deemed "essential" from U.S. companies. As of 12:30 p.m. EDT, Kodak's stock was up 7% after rising as much as 17.4% earlier in the day.
Eastman Kodak now stands to benefit from such an order. The company was recently awarded a $765 million Defense Production Act loan from the U.S. government to produce coronavirus-related pharmaceutical materials. Eastman Kodak is using the funds to launch Kodak Pharmaceuticals, which will produce pharmaceutical components deemed critical by the Food and Drug Administration and Department of Defense.
Eastman Kodak's stock rallied on Thursday. Image source: Getty Images.
Source Fool.com
