Tuesday, August 4, 2020
Martin Hennecke

Kodak surges 1,167pc on virus drug lifeline
Kodak shares surged 1,167 percent in two days after the US administration offered the former photography giant a lifeline by having it make ingredients for coronavirus-fighting drugs. Its stock price tripled on Tuesday after receiving a US$765-million (HK$5.95 billion) government loan then rose as much as 655.4 percent on Wednesday before closing at US$33.2 - up 318 percent. President Donald Trump described the loan as "one of the most important deals in the history of US pharmaceutical industries." Kodak ruled the photographic film market and had a market cap of nearly US$30 billion in 1997. But it filed for bankruptcy in 2012 after the digital camera took the scene, though Kodak invented the device. Revenue fell 6 percent to US$1.2 billion in 2019 with a pre-tax loss of US$60 million.
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