Eastman Kodak spikes as much as 79% in turbulent trading that triggers multiple halts
- Trading of Eastman Kodak shares was halted multiple times on Tuesday.
- Shares of Kodak surged as much as 79%, to $13.65, then abruptly fell to less than $10.
- The volatile trading came after a seven-day slump where Kodak shed 53%.
- Watch Eastman Kodak trade live on Markets Insider.
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Trading of Eastman Kodak shares on the Nasdaq was halted multiple times on Tuesday as the share price spiked and subsequently slumped.
Shares of the company surged as much as 79%, to $13.65, at its intraday high before abruptly falling to less than $10.
Because of the rapid changes in the stock price, trading of Kodak shares was halted five times between 12:14 p.m. and 12:37 p.m. ET, according to Nasdaq Trader.
The photography company has had a roller-coaster few weeks. At the end of July, Kodak shares spiked 1,167% in two days after the company announced a $765 million loan from the US government to produce drug ingredients during the coronavirus pandemic.
But the loan and the stock-price surge were quickly scrutinized by government leaders. Sen. Elizabeth Warren encouraged the Securities and Exchange Commission to launch an investigation, and House Democrats including Rep. Maxine Waters announced their own inquiry soon after.
On August 7, the US International Development Finance Corporation — the federal agency granting Kodak the money — said the loan was on pause. That kicked off a seven-day slump when Kodak shares shed 53%.
Still, Kodak shares are up more than 100% year-to-date.
