Kodak stock surge attracts 43000 Robinhood traders in 24 hours

Grant Boone
July 30, 2020

There is a lot more demand these days for medication than photographic film, so Eastman Kodak has made a decision to get into drugs, and the Trump administration is supporting its initiative with a $765 million loan. Mr Trump announced the deal at a news conference on Tuesday evening.

The impact they have on prices is unclear, but similar buying sprees have erupted in pockets of the equity market, including electric-vehicle firms, shares of companies in bankruptcy protection and increasingly pharmaceutical stocks.

"This is the beginning of American independence from our pharma dependence on foreign countries", Peter Navarro, White House trade adviser said in an interview with Fox Business network.

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It is the first use of new authority delegated by President Donald Trump's recent executive order that allows the DFC and the Department of Defense to collaborate in support of the domestic response to COVID-19 under the Defense Production Act. The firm is no stranger to complicated compounds: In 1920, Tennessee Eastman was founded to manufacture chemicals needed for film photography products; more than 70 years later, Eastman Chemical was spun off as a separate corporation, which became a Fortune 500 company. Japan's Fujifilm is working on a potential Covid-19 vaccine and hopes to start human trials soon. But it does still make digital and instant cameras for consumers.

As of 11 a.m.in NY on Wednesday, 43,000 users of the investing app had added Kodak to their accounts in some form over the past 24 hours, according to website Robintrack.net, which aggregates data from the brokerage but isn't affiliated with it.

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