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.

This stock is none other than Kodak; that's right; the same company that once jumped the blockchain train has now found another driver to pump its shares.

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.

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.

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.

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