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Kodak Halted 12 Times As Stock Explodes Higher Amid Flood Of Retail Buying, Then Tumbles

KODK202020 07 29 10 52 48

Kodak Halted 12 Times As Stock Explodes Higher Amid Flood Of Retail Buying, Then Tumbles

Tyler Durden

Wed, 07/29/2020 – 10:37

Update: after soaring as high as $60/share, Kodak stock has encountered some turbulence which sent it almost instantly down $13, sending it into a bear market seconds after it exploded higher by 500%. Meanwhile the stock has been halted something like 11 or 12 times in the first 90 minutes of trading.

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Yesterday morning we reported that the formerly giant and now tiny Kodak had received a $765m loan from the government to shift to producing chemicals needed for local production of generic medicines, a step taken to ensure that the US is no longer solely reliant on China and India for such inputs, and which sent the stock sharply higher on Tuesday, we had a simple question: why was the stock not much higher: after all with a market cap of just a few hundred million, this stock was about to be a call option on a US-government funded shift to non-China supply chains. And sure enough, we asked as much well before today’s market open, when the stock was trading at around $13/share.

We also noted that once Robinhooders discovered the company’s upward momentum, it would soon become the most popular stock on the retail-focused brokerage.

Well, we were right, because less than an hour into trading, Kodak stock was half way to our “target”, and has been already halted no less than 10 times

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… amid relentless surges in volatility, which have sent the stock which was trading at just $2/share a few days ago above $50, one of the biggest stock spikes in history.

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And here’s the reason why: it took a day, but the message finally funneled through to the biggest price setting force in the market today: Robinhood.

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