This Stock Puts Crypto Pump to Shame; From All-Time Low to All-Time High
Crypto pumps have nothing on this stock, which makes sense, given that President Donald Trump himself is the one behind the pump.
Coronavirus is the new blockchain. Kodak pivoted to the virus, and its stock blew up 2x this week. This is the same company that in 2018 promoted the KodakCoin. When your own line of business dies, innovate. https://t.co/eF7FMcGZu4
— Alex (@classicmacro) July 29, 2020
KODK shares are witnessing an enormous rally that seems to have no end in sight. Its shares started rising after the Trump administration announced the company would be transformed into a pharmaceutical producer under the Defense Production Act.
Trump announced on Tuesday that the company would receive a $765 million loan to launch Kodak Pharmaceuticals, which will generate key generic medicines to fight the coronavirus and reduce America’s dependence on foreign drug makers.
#BREAKING: President Trump: "My administration is using the defense production act to provide a $765 million loan to support the launch of Kodak Pharmaceuticals."
POTUS calls it a "breakthrough in bringing pharmaceutical manufacturing back to the United States." pic.twitter.com/JV1NbH8AvP
— Breaking911 (@Breaking911) July 28, 2020
In response, the company's share skyrocketed, up more than 2,440% this week, that sent its market valuation to nearly $2 billion. During this uptrend, it triggered at least six halts for volatility.
Makes the 2018 blockchain candle look pathetic. https://t.co/xZYWn2fAWB
— Ceteris Paribus (@ceterispar1bus) July 29, 2020
Once a giant producer of film and cameras, the company filed for bankruptcy in 2012 only to emerge as a restructured business the very next year and has now pivoted itself to a materials and chemicals company.
Kodak CEO Jim Continenza said they already manufacture key materials for some pharmaceuticals and would take three to three and a half years to build out the new production capacity. For this, the company would hire 359 workers, most in New York state, and create about 1,200 indirect jobs.
“KODAK just went from All-time Lows to All-time Highs in just a few days,” said trader Mr. Anderson, adding, the chart of KODAK shares is of the kind that “every RIPPLE fanboy will pin their hopes and dreams on.”
Crypto market has been enjoying a rally for months now. However, this altcoin season has slowed down since Bitcoin hit the psychological importance level of $10,000.