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Tag: Eastman Kodak

  • Eastman Kodak Co (KODK) stock taking upwards rout following clearance statement by the federal agency

    Eastman Kodak Co (KODK) stock taking upwards rout following clearance statement by the federal agency

    In the pre-market trading, Eastman Kodak Co (KODK) stock soared more than 62% to reach $12.22 following the article published by the Wall Street Journal that Fed found no irregularities about the frozen U.S. government loan.

    The U.S. Attorney General. According to the report, the International Development Finance Corp (DFC), which oversaw the loan, told Democratic lawmakers that it did not see any proof that department executives had any conflicts of interest in the plans.

    Kodak’s stock had bounced up and down since July when it revealed that it would secure a $765 million loan to manufacture medicinal ingredients for future COVID-19 drugs. However, the process has slowed since Democratic policymakers raised questions over potential insider dealing at the launch time.

    The day before the announcement that catapulted the stock to $30 a share from $2 over three sessions, there was heavy trading volume. Executives made a windfall when the stock soared more than 1,000 percent in the weeks following the news, partially due to institutional investors in the Robinhood Trading System piled up in the company.

  • Stocks to Watch as Markets Look Set for a Calm, Boring Day

    Stocks to Watch as Markets Look Set for a Calm, Boring Day

    The markets are calm this morning, but they are largely positive. Investors are awaiting news from the ongoing Federal Reserve policy meeting. Part of the calm stems from the fact that the markets are not expecting much of a change from the Fed’s earlier stance on its inflation policy. Earlier, the Federal Reserve chairman Jerome Powell had stated that the Fed was implementing a new policy that it’s calling Average Inflation Targeting. Through this policy, the Federal Reserve is ready to allow prices to rise above the 2% target for some time, and use this to compensate for when inflation has to run below the targeted levels for extended periods. Since there are no expectations of a change from this stance from the current meeting, it has not created any kind of volatility in the markets. Nonetheless, the momentum is largely positive at the moment. The markets are still riding on the increased possibility of a COVID -19 vaccine coming out before the end of the year.  This would help drive up the economy to match the momentum that has been experienced in the equity markets over the last 5 months during the pandemic. Despite the relative calmness in the markets, there are stocks that are gaining faster than the overall market. Some of the best-performing stocks today ahead of markets opening are as below:

    Tiziana Life Sciences PLC [TLSA]

    Tiziana Life Sciences PLC is a top gainer this morning and is up by over 10% and gaining. This follows the company’s announcement that following a strategic review, it was demerging its StemPrintER and SPARE genomics business into a different listed company, called Accustem. The company stated the move would allow Accustem to commercialize the StemPrintER technology with cash of about a million pounds. It’s a move that unlocks value for the company’s shareholders.

    Eastman Kodak [NYSE: KODK]

    Eastman Kodak is another top gainer this morning and is up by over 50%. This follows the company’s announcement that it was actively addressing allegations that it had mishandled the stock option grants for its CEO just before it announced the loan awarded by the U.S government. The company has stated that it had agreed to act on a report on this process, and that includes a reorganization of the board.

    Myomo Inc [NYSE: MYO]

    Myomo Inc is a top performer this morning and is up by over 40%. This follows the company’s announcement that it had been certified as a Medicare provider. This will enable the company to bill Medicare directly when delivering its services in Washington DC, and in 39 States.

     

  • Eastman Kodak [KODK] Leads the List of Stock Biggest Gainers Even as Market Sentiment Remains Sluggish

    Eastman Kodak [KODK] Leads the List of Stock Biggest Gainers Even as Market Sentiment Remains Sluggish

    The key stock indices are down this afternoon, continuing a trend that started earlier in the day. At the moment, the Dow is down by 0.23%, NASDAQ by 0.15, while the S&P is hovering between positive and negative territory. The lack of momentum is due to market uncertainty with regards to the second bailout that senate republican leader Mitch McConnell tabled.

    The bill would offer a major lifeline for an economy that has been battered by the COVID-19 pandemic. Mixed earnings from major corporations have also dampened the mood in the market. For context, Mcdonald’s missed earnings expectations while Pfizer recorded an increase in sales.  Other companies that have reported earnings today include Harley-Davidson, which became a loss-maker for the first time in a decade.

    Nonetheless, the market has some support from positive news with regards to progress on the COVID-19 vaccine.  Yesterday, Moderna announced that it was now in the late-stage testing for its COVID-19 vaccine candidate. Despite the mixed market sentiment, there are winners that have gained exponentially for the past few hours. Some of the day’s biggest winners are as below:

    Eastman Kodak Company [NYSE:KODK]

    Eastman Kodak Company is one of the top gainers this afternoon and is currently up by 224%. This follows news that the company has been given a $765 million loan to make drug ingredients, with the goal of helping reduce the country’s dependence on foreign supply chains. The U.S International Development Finance Corp said that it would sign a letter of intent with the company.  Commenting on the deal, White House trade advisor stated that this was the first in the U.S move towards establishing independence from international supply chains for pharmaceuticals. With the loan, Kodak will launch Kodak Pharmaceuticals, a company that will make key pharmaceutical components.

    Vocera Commmunications Inc [NYSE:VCRA]

    Vocera Communications Inc is another top gainer this afternoon and is up by 39%. The stock’s rally follows the release of strong Q2 results.  The company has reported that Q2 revenues stood at $47.3 million, beating analyst expectations of $40 million.  This represents an EPS of $0.10, higher than the net loss of an EPS of $0.06. The company noted that the strong results were due to a number of large strategic deals. The company also announced that it had deferred revenues of $127.5 million and had a full slate of software deployments.

    Mercurity Fintech Holding Inc [NASDAQ:MFH]

    Mercurity Fintech Holding Inc is another top gainer this afternoon and is currently up by 33%. The company’s strong performance is purely driven by speculative price action. The last time the company had major news was on July 10th when it announced that it was bolstering its board.