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<ul class="summary-list"><li> <keyword id="235836" type="COMPANY" weightage="60" keywordseo="New-York-Attorney-General">New York Attorney General</keyword> <keyword id="1928332" type="PERSON" weightage="60" keywordseo="Letitia-James">Letitia James</keyword> said Kodak CEO <keyword id="9671400" type="UNKNOWN" weightage="60" keywordseo="jim-continenza">Jim Continenza</keyword> engaged in insider trading last summer when he purchased 46,737 shares of the company. </li><li>The CEO made the purchase while he was leading secret discussions with the White House for a loan, James said. Public news of the loan sent the stock soaring.</li><li>Kodak said Continenza was not in possession of material non-public information, and he has never sold a share. </li></ul>The CEO of <a href="https://markets.businessinsider.com/stocks/kodk-stock?utm_source=markets&amp;utm_medium=ingestgest">Kodak</a> unlawfully traded stock in the company while negotiating a confidential $655 million loan with the White House in the beginning of the pandemic, New York Attorney General Letitia James <a href="https://ag.ny.gov/press-release/2021/attorney-general-james-asks-court-force-kodak-ceo-publicly-testify-insider">said this week</a>. The AG said she filed a petition with the New York County State Supreme Court to have Kodak CEO Jim Continenza publicly testify about his purchase of 46,737 shares of Kodak early last summer. Continenza made the purchase while he was leading secret discussions with the Trump White House and the federal government for a $655 million loan to enable Kodak to repurpose assets to purchase chemicals that would make COVID-19 medicines, James said. "Just over a month after Continenza's stock purchase, Kodak signed a public letter of interest with the federal government for the loan - which by then had grown to $765 million - causing <keyword id="9666666" type="UNKNOWN" weightage="60" keywordseo="kodak-stock">Kodak stock</keyword> to soar," said James. "The day after the news was announced, Kodak's stock price reached a high of $60 per share - more than 27 times what Continenza had paid for the stock mere weeks earlier. "Kodak shares spiked as much as 2,190% in the two days after the loan announcement on July 28. Kodak also gained as much as 26% the day before information about the loan was made public. In a public response to James, Kodak said Continenza was not in possession of material non-public information and his stock purchase was pre-approved by Kodak's General Counsel in accordance with Kodak's insider trading policy. The CEO has purchased Kodak stock in "virtually every open window period and has never sold a single share,"<a href="https://www.businesswire.com/news/home/20210601006030/en/Kodak-Issues-Statement-Responding-to-New-York-Attorney-General"> the company said.</a> "In addition to being wrong on the facts, the Attorney General's novel and highly problematic legal theory that seeks to impose liability in the absence of intent would have a chilling effect on directors and executives of every public company, who could never invest in their own companies without fear of having good-faith decisions, pre-approved by counsel, second-guessed by regulators and charged as insider trading," said Kodak. However, James said that Continenza's trading wasn't in compliance with the policy. "Kodak's insider trading policy requires pre-clearance to be sought by email at least one day prior to the trading and for the requester to 'receive' a 'response' approving the trading - neither of which occurred," the AG said. Kodak disclosed James' threatened lawsuit last month. James is the latest to investigate the <keyword id="9944467" type="UNKNOWN" weightage="60" keywordseo="kodak-loan">Kodak loan</keyword>. The US international Development Finance Corp reviewed the loan in 2020 but found no wrongdoing,<a href="https://www.wsj.com/articles/watchdog-for-u-s-agency-that-brokered-controversial-kodak-loan-deal-finds-no-wrongdoing-11607270895"> according to the Wall Street Journal</a>. The SEC also opened an investigation <a href="https://markets.businessinsider.com/news/stocks/elizabeth-warren-kodak-stock-price-rally-sec-probe-insider-trading-2020-8-1029468479">last summer</a> that is ongoing, according to Kodak's filings.

Kodak's CEO engaged in insider trading when he purchased stock in the company while negotiating with the White House for a $655 million loan, NY AG says

<ul><li><keyword id="96132" type="COMPANY" weightage="60" keywordseo="Kodak">Kodak</keyword> CEO <keyword id="9671400" type="UNKNOWN" weightage="60" keywordseo="jim-continenza">Jim Continenza</keyword> could net more than $135 million from the camera company's 1,200% stock surge in two days this week.</li><li>Continenza owns 650,000 Kodak shares, 3.8 million stock options, and potentially another 242,000 shares tied to his reelection as a director.</li><li>Those holdings are worth more than $135 million after costs, based on Kodak's closing stock price of $33.20 on Wednesday.</li><li>Kodak's shares climbed as much as 34% on Thursday, meaning Continenza could see an even bigger return.</li><li><a href="https://www.businessinsider.com/">Visit Business Insider's homepage for more stories</a>.</li></ul><a href="https://markets.businessinsider.com/stocks/kodk-stock">Kodak</a> CEO Jim Continenza is poised to make more than $135 million after the <a href="https://markets.businessinsider.com/news/stocks/kodak-stock-price-surges-765-million-government-drug-loan-2020-7-1029444079">camera company's stock soared about 1,200% in two days this week</a>.Continenza owns 650,000 Kodak shares, stock options allowing him to buy another 3.8 million shares at prices between $3 and $12, and phantom stock tied to his reelection as a director that will grant him another 242,000 shares, <a href="https://www.sec.gov/Archives/edgar/data/31235/000089183920000218/0000891839-20-000218-index.htm">Securities and Exchange Commission filings show</a>.The Kodak boss was granted 1.75 million of the stock options on Monday under an incentive plan introduced in 2013, SEC filings show. Around 29% of the new options vest immediately, while the remainder are set to vest next year. All of the options expire in February 2026.Read More: <a href="https://www.businessinsider.com/stock-picks-sectors-to-buy-us-china-trade-war-gionnotto-2020-7" target="_blank" rel="noopener noreferrer">A market-research expert breaks down the 3 sectors and 4 stocks that he says are best to own as a new Cold War between the US and China heats up</a>Kodak, a company best known for making cameras and photographic film, saw its stock price explode this week after it secured a $765 million government loan to make drug ingredients in response to the coronavirus <keyword id="43587" type="ORGANIZATION" weightage="60" keywordseo="pandemic">pandemic</keyword>.Continenza bought his 650,000 Kodak shares for roughly $1.5 million between August 2019 and June 23 this year, SEC filings show. They have surged in value from about $1.7 million on Monday to $21.6 million on Wednesday, based on Kodak's closing stock price of $2.62 and $33.20 on those days.Meanwhile, Continenza's stock options allow him to eventually buy 3.8 million more shares for less than $18 million.Those options were basically worthless on Monday, but could now net him $108 million based on Kodak's closing price on Wednesday. The phantom stock is worth another $8 million and doesn't cost anything.Read More: <a href="https://www.businessinsider.com/how-to-invest-in-stocks-credit-commodities-for-economic-recovery-2020-7" target="_blank" rel="noopener noreferrer">3 Wall Street pros managing $12 billion in assets share their strategies for profiting from the economy's recovery — and explain why investors should be aggressively taking risks now</a>Overall, Continenza's stock, options, and phantom stock are worth more than $135 million after costs, assuming Kodak shares trade at $33.20 or higher when he cashes out.Continenza's holdings could also be worth significantly more than that: Kodak's shares climbed as much as 34% on Thursday.

Kodak's CEO stands to make $135 million after the camera company's stock surged 1,200% in 2 days

<ul><li><keyword id="96132" type="COMPANY" weightage="60" keywordseo="Kodak">Kodak</keyword> admitted to poor handling of a <keyword id="6354298" type="DEFINITION" weightage="60" keywordseo="Stocks">stocks</keyword> grant process for its chief executive prior to disclosing a surprise $765 million government loan.</li><li>The camera company released a legal review that showed Kodak was not thoroughly briefed by legal counsel on the <keyword id="81701" type="PERSON" weightage="60" keywordseo="stock-options">stock options</keyword> process to its CEO and chairman, Jim Continenza, before the loan disclosure.</li><li>Kodak's lawyers maintained the company did not violate securities regulations, but allegations of wrongdoing are under investigation by the same agency that awarded the loan.</li><li>The company agreed to execute the committee's proposals, and said "it is clear from the review's findings that we need to take action to strengthen our practices, policies, and procedures."</li><li>Kodak shares soared 72% after the committee found no violations of law.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>Kodak admitted to mishandling a stocks grant process for its chief executive prior to disclosing its $765 million government loan.An independent legal review <a href="https://www.kodak.com/content/products-brochures/Company/Report-to-the-Special-Committee-09.15.2020.pdf">released by Eastman Kodak</a> showed that the company was not thoroughly briefed by legal counsel on providing stock grants to CEO and chairman, Jim Continenza, before announcing news of the loan.Continenza received the grants a day before the camera company disclosed it received a <a href="https://www.dfc.gov/media/press-releases/dfc-sign-letter-interest-investment-kodaks-expansion-pharmaceuticals">loan to produce generic-drug ingredients</a> in response to the <keyword id="8763838" type="UNKNOWN" weightage="60" keywordseo="covid-19">COVID-19</keyword> pandemic. The loan was awarded by the US International Development <keyword id="25455" type="ORGANIZATION" weightage="60" keywordseo="finance">Finance</keyword> Corp, but is currently on hold. "The manner in which the options grants were awarded was sub-optimal in a number of respects," Kodak's lawyers at Akin Gump Strauss Hauer &amp; Feld said in a statement on Tuesday.The lawyers affirmed that Kodak did not violate securities regulations, but allegations of wrongdoing are <a href="https://markets.businessinsider.com/news/stocks/kodak-stock-government-loan-investigation-dfc-elizabeth-warren-sec-coronavirus-2020-9-1029591058#">under investigation</a> by the same agency that approved the deal. <a href="https://www.kodak.com/en/company/press-release/comments-on-special-committee-review"></a>Read more: <a href="https://slack-redir.net/link?url=https%3A%2F%2Fwww.businessinsider.com%2Fstocks-to-buy-6-cyclicals-gains-economy-recovers-mike-wilson-2020-9%3Fr%3DUS%26IR%3DT" target="_blank" rel="noopener noreferrer">MORGAN STANLEY: Buy these 6 stocks poised for gains as the economic recovery continues and Congress mulls more coronavirus stimulus</a>The report, which tackled a number of legal issues, proposed amending Continenza's share grants and reevaluating the board's composition.It also stated that stock transactions carried out by Continenza and another board member, Philippe Katz, did not constitute as insider trading as the loan application process was at a "highly uncertain stage" at the time. Kodak agreed to implement the independent committee's proposals in a <a href="https://www.kodak.com/en/company/press-release/comments-on-special-committee-review">separate statement,</a> saying that "it is clear from the review's findings that we need to take action to strengthen our practices, policies, and procedures."The announcement of the loan in late July boosted Kodak's shares as much as 2,100% over two days. The company's stock price has since wiped out most of the gains as regulatory bodies scrutinize the loan and the company's related disclosures.Kodak shares soared 72% on Wednesday after the committee found no violations of law.Read more: <a href="https://slack-redir.net/link?url=https%3A%2F%2Fwww.businessinsider.com%2Fbest-investment-opportunities-strategy-new-bull-market-in-stocks-ms-2020-9%3Fr%3DUS%26IR%3DT" target="_blank" rel="noopener noreferrer">Morgan Stanley pinpoints the most attractive opportunity it sees for investors as a new bull run takes shape — and shares 3 strategies for generating market-beating returns</a>

Kodak admits to poor handling of CEO stock grants prior to announcing its $765 million government loan

<ul><li><keyword id="499274" type="ORGANIZATION" weightage="60" keywordseo="House-Democrats">House Democrats</keyword> have launched an <keyword id="49112" type="ORGANIZATION" weightage="60" keywordseo="Investigation">investigation</keyword> into <keyword id="96132" type="COMPANY" weightage="60" keywordseo="Kodak">Kodak</keyword> and the government office that issued it a $765 million loan to shift to drug production.</li><li>Rep. <keyword id="965336" type="PERSON" weightage="60" keywordseo="Maxine-Waters">Maxine Waters</keyword>, the chair of the House Financial Services Committee, was among the Democratic leaders who sent a letter on Wednesday asking the US International Development Finance Corporation for all communications concerning the Kodak loan. </li><li>Democratic leaders also sent a letter to Kodak CEO Jim Continenza on Tuesday, <a href="https://www.wsj.com/articles/lawmakers-seek-records-on-planned-kodak-loan-11596637800">The Wall Street Journal reported</a>.</li><li>On Tuesday, the Securities and Exchange Commission launched its own investigation into the Kodak announcement, following prompting by Sen. Elizabeth Warren.</li><li><a href="https://markets.businessinsider.com/stocks/kodk-stock">Watch Kodak trade live on Markets Insider</a>.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Read more on Business Insider</a>.</li></ul>A group of House Democrats has launched an investigation into <a href="https://markets.businessinsider.com/stocks/kodk-stock?utm_source=markets&amp;utm_medium=ingestgest">Eastman Kodak's</a> $765 million loan from a government agency.In <a href="https://financialservices.house.gov/uploadedfiles/2020.08.04_h_cmtes_ltr_to_dfc.pdf">a letter released Wednesday</a>, Democratic leaders including Rep. Maxine Waters, the House Financial Services Committee chair, asked the US International Development Finance Corporation, the agency responsible for the loan through the Defense Production Act, for all communications about the loan.The group also questioned why the government office would support Kodak, "an organization that was on the brink of failure in 2012 and was unsuccessful in its previous foray into pharmaceutical manufacturing, in its efforts to develop the capacity to produce up to 25 percent of domestic pharmaceutical components."Read more: <a href="https://www.businessinsider.com/real-estate-investing-strategy-shift-from-flipping-homes-to-wholesaling-2020-7" target="_blank" rel="noopener">100 deals and $1 million in profit a year: Here's how Mike Simmons made a simple change to his real-estate investing strategy that took him from small-time house flipper to full-fledged mogul</a>On July 28, the <keyword id="3798493" type="PERSON" weightage="60" keywordseo="trump-administration">Trump administration</keyword> announced that it planned to give Kodak a first-of-its-kind loan to help the photography company switch to drug production.Shares of the company skyrocketed as much as 2,190% in two days. An uptick of more than 20% a day before the loan was announced drew scrutiny <a href="https://www.wsj.com/articles/kodak-loan-disclosure-and-stock-surge-under-sec-investigation-11596559126">because of stock options</a> granted to CEO Jim Continenza and other executives.On Tuesday, the <a href="https://markets.businessinsider.com/news/stocks/elizabeth-warren-kodak-stock-price-rally-sec-probe-insider-trading-2020-8-1029468479#">Securities and Exchange Commission launched its own investigation</a> into irregular stock movements around the announcement of the loan.Read more: <a href="https://www.businessinsider.com/stock-picks-investing-strategies-advice-3-high-growth-fund-managers-2020-8" target="_blank" rel="noopener">3 ultra-growth fund managers who are crushing the market during a chaotic year told us how they're doing it — including their biggest themes and top picks for the future</a>The SEC investigation was urged by Sen. Elizabeth Warren, who wrote in <a href="https://www.warren.senate.gov/imo/media/doc/2020.08.03%20Letter%20to%20SEC%20re%20Kodak%20stock%20trades.pdf">a letter on Monday</a> that "this is just the latest example of unusual trading activity involving a major Trump administration decision."In a letter to Continenza on Tuesday, the group of Democratic leaders addressed concerns about the company's lack of pharmaceutical experience and the stock options granted to executives before the loan was announced, <a href="https://www.wsj.com/articles/lawmakers-seek-records-on-planned-kodak-loan-11596637800">The Wall Street Journal reported on Wednesday</a>.<keyword id="355279" type="COMPANY" weightage="60" keywordseo="Eastman-Kodak">Eastman Kodak</keyword> has <a href="https://markets.businessinsider.com/stocks/kodk-stock">surged more than 217% year-to-date</a>.Read more: <a href="https://www.businessinsider.com/investing-advice-how-to-hedge-inflation-portfolio-risk-morgan-stanley-2020-8">MORGAN STANLEY: The government's recession response has the stock market heading for a massive upheaval. Here's your best strategy to capitalize on the shift.</a><a href="https://markets.businessinsider.com/stocks/kodk-stock"><div type="image" title="Screen Shot 2020 08 05 at 2.43.37 PM" height="1058" width="1554" msid="77382361" hostid="261"></div></a>

House Democrats are investigating Kodak's $765 million government loan after Elizabeth Warren urged an SEC probe

<ul><li><keyword id="96132" type="COMPANY" weightage="60" keywordseo="Kodak">Kodak</keyword>'s share price jumped as much as 34% on Thursday as traders continued to cheer its $765 million government loan to make drug ingredients in response to the <keyword id="43587" type="ORGANIZATION" weightage="60" keywordseo="pandemic">pandemic</keyword>.</li><li>The camera company's <keyword id="6368159" type="UNKNOWN" weightage="60" keywordseo="stock">stock</keyword> skyrocketed about 1,200% in two days this week, boosting its market capitalization to $2.6 billion from under $150 million.</li><li>The breathless rally on Wednesday caused the New York Stock Exchange to halt trading 20 times, <a href="https://edition.cnn.com/2020/07/29/investing/kodak-stock-rally-defense-protection-act/index.html">CNN said</a>.</li><li><a href="https://robintrack.net/symbol/KODK">Robintrack data indicates</a> that Robinhood traders are snapping up Kodak. The number of accounts holding the stock soared to more than 119,000 on Wednesday from under 10,000 on Monday.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>Kodak's stock spiked as much as 34% on Thursday as traders <a href="https://markets.businessinsider.com/news/stocks/kodak-stock-price-surges-765-million-government-drug-loan-2020-7-1029444079#">continued to celebrate</a> it securing a $765 million government loan to make drug ingredients in response to the coronavirus pandemic.The camera company's share price skyrocketed from $2.62 at the close of trading on Monday to $33.20 at Wednesday's close, an increase of roughly 1,200%. It traded as high as $44.44 on Thursday.The stock rose to as high as $60 on Wednesday, boosting Kodak's market capitalization to $2.6 billion from below $150 million.The New York Stock Exchange halted trading of Kodak shares 20 times on Wednesday, <a href="https://edition.cnn.com/2020/07/29/investing/kodak-stock-rally-defense-protection-act/index.html">CNN reported</a>, as automated "circuit breakers" designed to combat extreme stock-price swings were repeatedly tripped.Read more: <a href="https://www.businessinsider.com/stocks-to-buy-26-companies-to-benefit-from-weaker-dollar-2020-7" target="_blank" rel="noopener">GOLDMAN SACHS: Buy these 26 stocks now to crush the market as an 'overvalued' dollar continues to weaken in the months ahead</a>The excitement about Kodak stock has driven trading volumes up from about 1.6 million on Monday to more than 270 million on both Tuesday and Wednesday, <a href="https://finance.yahoo.com/quote/KODK/history?p=KODK">Yahoo Finance data shows</a>.Robinhood traders are among those piling into Kodak stock. The number of accounts on the trading app holding the stock has increased more than twelvefold, to north of 119,000 from under 10,000 on Monday, <a href="https://robintrack.net/symbol/KODK">according to Robintrack</a>.Kodak CEO Jim Continenza is <a href="https://markets.businessinsider.com/news/stocks/kodak-ceo-135-million-1200-percent-stock-surge-2-days-2020-7-1029450324#">poised to be one of the big winners from the rally</a>. He owns 650,000 Kodak shares, 3.8 million stock options, and phantom stock that could net him more than $135 million.Read more: <a href="https://www.businessinsider.com/storage-units-real-estate-investing-strategy-demand-oriented-ryan-gibson-2020-7" target="_blank" rel="noopener">Millions in profits and 5,429 units: Why Ryan Gibson is going all in on storage-unit investing after years of flipping homes — and the strategy he's using to capture the booming trend</a>

Kodak surges 34% after skyrocketing 1,200% in 2 days

<ul><li><keyword id="96132" type="COMPANY" weightage="60" keywordseo="Kodak">Kodak</keyword> shares surged as much as 1,900% in two days after the camera company was awarded a $765 million government loan to make drug ingredients in response to the coronavirus pandemic.</li><li><a href="https://www.dfc.gov/media/press-releases/dfc-sign-letter-interest-investment-kodaks-expansion-pharmaceuticals">The group said</a> it planned to launch a pharmaceuticals division to make essential drug components in "chronic national shortage."</li><li>President Donald <keyword id="6354862" type="UNKNOWN" weightage="60" keywordseo="trump">Trump</keyword> on Tuesday <a href="https://www.whitehouse.gov/briefings-statements/remarks-president-trump-press-briefing-july-28-2020/">touted the agreement</a> as "one of the most important deals in the history of US pharmaceutical industries."</li><li>Kodak's stock price tripled on Tuesday, then rose as much as 570% on Wednesday.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul><a href="https://markets.businessinsider.com/stocks/kodk-stock">Kodak</a> stock soared as much as 1,900% in two days after the camera company <a href="https://www.dfc.gov/media/press-releases/dfc-sign-letter-interest-investment-kodaks-expansion-pharmaceuticals">secured a $765 million government loan</a> to produce generic-drug ingredients in response to the coronavirus pandemic.Kodak shares more than tripled on Tuesday, then jumped as much as 570%, to at least a seven-year high, on Wednesday. The group's market capitalization ballooned more than twentyfold, to about $2.2 billion at one point.President Donald Trump on Tuesday <a href="https://www.whitehouse.gov/briefings-statements/remarks-president-trump-press-briefing-july-28-2020/">described the Kodak agreement</a> as "one of the most important deals in the history of US pharmaceutical industries."Read more: <a href="https://www.businessinsider.com/zach-aarons-start-investing-real-estate-make-passive-income-2020-7">An expert shares how to get started in real-estate investing and bring in passive income</a>The US International Development <keyword id="25455" type="ORGANIZATION" weightage="60" keywordseo="finance">Finance</keyword> Corporation said it would lend the cash to Kodak under the <keyword id="4998789" type="PERSON" weightage="60" keywordseo="Defense-Production-Act">Defense Production Act</keyword>, which requires companies to accept and prioritize government contracts for national security and other reasons.Kodak said it planned to use the loan to launch a pharmaceuticals division to make essential drug components in "chronic national shortage," as defined by the Food and Drug Administration.Pharmaceutical ingredients could eventually account for 30% to 40% of Kodak's business, CEO Jim Continenza <a href="https://www.wsj.com/articles/kodak-lands-765-million-u-s-loan-in-start-of-medical-supply-chain-fix-11595930400">told The Wall Street Journal</a>.Read more: <a href="https://www.businessinsider.com/stock-market-crash-david-rosenberg-warns-bear-market-isnt-over-2020-7">'Castles built on sand': Famed economist David Rosenberg says investors are being too reckless as stocks rally — and that a vicious long-term bear market is far from over</a>Kodak dominated the photographic-film market and boasted a market cap of nearly $30 billion in 1997. But it filed for bankruptcy in 2012 after the digital camera rendered many of its products obsolete — even though it invented the digital camera, <a href="https://lens.blogs.nytimes.com/2015/08/12/kodaks-first-digital-moment/">according to The New York Times</a>.Kodak's revenue fell 6%, to $1.2 billion, in 2019, widening its pre-tax loss to $60 million.<div type="image" title="Kodak 4" height="708" width="1029" msid="77244883" hostid="261"></div>

Kodak surges 1,900% in 2 days after securing a $765 million government loan to make drug ingredients

<a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell&amp;hash=8122c716833601fc1471f79af063b104?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest" target="_blank" rel="noopener">Welcome to 10 Things Before the Opening Bell. Sign up here to get this email in your inbox every morning.</a>Here's what you need to know before <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> open1. It's a huge day for tech earnings. Apple, Amazon and Facebook all report Q2 earnings Thursday. Samsung, MasterCard, Total, and Volkswagen are other highlights on the calendar.2. <a href="https://www.businessinsider.com/germany-q2-gdp-economy-posts-10-decline-largest-since-1970-2020-7">Germany's economy posts its largest decline since 1970 with GDP shrinking 10% in Q2</a>. Europe's biggest economy saw an economic plunge across areas including trade, consumer spending, and investment3. <a href="https://www.businessinsider.com/kodak-ceo-135-million-1200-percent-stock-surge-2-days-2020-7">Kodak's CEO stands to make $135 million after the camera company's stock surged 1,200% in 2 days</a>. Jim Continenza's shares have skyrocketed in value after Kodak secured a $765 million government loan to make drug ingredients.4. <a href="https://markets.businessinsider.com/news/stocks/credit-suisse-q2-earnings-bank-posts-24-jump-net-profits-2020-7-1029449701">Credit Suisse posts a 24% jump in second-quarter net profits and shakes up its investment-banking division</a>. The Swiss bank is merging its investment banking and trading divisions with effect from August 1.5. <a href="https://markets.businessinsider.com/news/stocks/shell-slumps-to-an-18-billion-as-it-takes-huge-asset-write-downs-amid-low-oil-prices-and-slumping-demand-1029449785">Shell slumps to an $18 billion loss as it takes huge asset write-downs amid low oil prices and slumping demand</a>. The energy giant's gloomy forecast follows a decision to cut its dividend the first time since World War II.6. <a href="https://www.businessinsider.com/eu-to-open-investigation-into-21-billion-google-fitbit-deal-sources-2020-7">Europe wants to investigate Google's $2.1 billion acquisition of Fitbit, hot off CEO Sundar Pichai's congressional grilling</a>. The news comes a day after Google CEO Sundar Pichai was grilled closely before Congress on issues of antitrust.7. <a href="https://www.businessinsider.com/stock-picks-sectors-to-buy-us-china-trade-war-gionnotto-2020-7">A market-research expert breaks down the 3 sectors and 4 stocks that he says are best to own as a new Cold War between the US and China heats up</a>. "It's literally going to be the Cold War but with who has the supreme technology network in their country," GraniteShares' Ryan Giannotto said.8. <a href="https://www.businessinsider.com/how-to-invest-in-stocks-credit-commodities-for-economic-recovery-2020-7">Three Wall Street pros managing $12 billion in assets share their strategies for profiting from the economy's recovery — and explain why investors should be aggressively taking risks now</a>. The trio revealed how they're investing across asset classes in a continued economic recovery, and shared what they're buying now.9. Global stocks are down. In Europe, Germany's DAX fell 2.9%, Britain's FTSE 100 fell 2% and the Euro Stoxx 50 fell 2.2%. In Asia, China's Shanghai Composite fell 0.2%, Hong Kong's Hang Seng fell 0.6%, and Japan's Nikkei fell 0.3% at the close. In the US, futures underlying the Dow Jones Industrial Average, the S&amp;P 500, and the Nasdaq fell 1.2%.10. <a href="https://markets.businessinsider.com/economic-calendar">On the economic front</a>. US second-quarter gross domestic product and jobless claims are due for release.

10 things you need to know before the opening bell

<ul><li>Former <a href="https://markets.businessinsider.com/stocks/kodk-stock">Eastman Kodak</a> executives sold about $5.1 million in <keyword id="81701" type="PERSON" weightage="60" keywordseo="stock-options">stock options</keyword> they didn't own due to faulty company controls, the company said. </li><li>Five former employees exercised roughly 300,000 in stock options that they only received through "inadequate" controls and "unauthorized issuance," chief financial officer David Bullwinkle said in a Tuesday earnings call.</li><li><keyword id="96132" type="COMPANY" weightage="60" keywordseo="Kodak">Kodak</keyword> will try to recover about $3.9 million from the former executives for the fair value of the shares at the time of their sale. Another $3 million may be recuperated from the withholding of taxes on behalf of the five former employees.</li><li>In July, a federal loan deal helped Kodak's stock price soar 2,100%, but federal investigations have brought the name back to earth. </li><li><a href="https://www.businessinsider.com/?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestutm_source=msn.com&amp;utm_medium=referral&amp;utm_content=msn-slideshow&amp;utm_campaign=bodyurl?utm_source=markets&amp;utm_medium=ingestts&amp;utm_medium=ingest">Visit the Business Insider homepage for more stories</a>.</li></ul><keyword id="355279" type="COMPANY" weightage="60" keywordseo="Eastman-Kodak">Eastman Kodak</keyword> revealed on Wednesday that a series of internal errors allowed five former executives to sell roughly $5.1 million worth of stock options in July, the same month a highly scrutinized federal loan announcement sent the company's stock price soaring more than 2,100%. The company learned of "deficiencies" in the controls used to protect its assets, David Bullwinkle, Kodak's chief financial officer, said in a Tuesday earnings call. The lack of proper controls allowed for the "unauthorized issuance" of common stock when previously forfeited stock options were exercised by the ex-executives in July, the CFO added.Kodak's third-quarter regulatory filing shows the former executives exercising roughly 300,000 stock options. The company bore $5.1 million in compensation expenses in relation to the options.Read more: <a href="https://www.businessinsider.com/investing-strategy-with-top-global-stock-fund-manager-alex-umansky-2020-11">Alex Umansky has been one of the world's best stock pickers for years, and his fund is making 6 times more than the competition in 2020. He told us the 4 pillars to his investing approach.</a>The control error didn't result in any misstatement of financial performance, Bullwinkle said. Kodak aims to have the issues solved by the end of the year.The company will try to recover roughly $3.9 million from the former executives for the fair value of the shares at the time of their sale. Another $3 million may be recuperated from the withholding of taxes on behalf of the five ex-employees, according to Kodak.The unusual stock issuance follows months of turbulence and regulatory scrutiny for the company. Kodak shares spiked as much as 2,100% higher in July after the Trump administration revealed it made a $765 million loan to the firm to produce drug ingredients. The Securities and Exchange Commission <a href="https://markets.businessinsider.com/news/stocks/elizabeth-warren-kodak-stock-price-rally-sec-probe-insider-trading-2020-8-1029468479">announced a probe</a> into how the company disclosed the loan just days later amid allegations that insiders took advantage of the news and subsequent stock rally.The stock fell back to Earth in August after the US International Development Finance Corp. <a href="https://markets.businessinsider.com/news/stocks/kodak-stock-government-loan-investigation-dfc-elizabeth-warren-sec-coronavirus-2020-9-1029591058">put the government loan on hold</a>, citing "serious concerns" around allegations of wrongdoing. Internal reviews have since found that CEO Jim Continenza's planned stock sales <a href="https://www.businessinsider.com/kodak-surges-as-review-says-ceos-option-deals-broke-no-laws-2020-9">didn't violate insider trading rules</a>. An outside firm determined in September that Kodak's disclosure of the loan <a href="https://markets.businessinsider.com/news/stocks/kodak-stock-price-committee-hired-finds-violations-law-government-loan-2020-9-1029595044">was lawful</a>.Kodak traded at $6.73 as of 2:05 p.m. ET on Wednesday, well below the $60 peak it hit in July but still up 62% year-to-date.Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/news/stocks/lyft-stock-price-target-earnings-guidance-ride-rebound-wedbush-analyst-2020-11-1029793108">Lyft's set to surge 33% on a ridership bounce-back and stronger path to profitability, Wedbush says</a><a href="https://markets.businessinsider.com/news/stocks/opec-cuts-crude-oil-market-demand-forecasts-rising-coronavirus-cases-2020-11-1029792714">OPEC slashes 2020 and 2021 forecasts as surging coronavirus cases jeopardize oil-market demand</a><a href="https://www.businessinsider.com/stock-picks-to-buy-13-cheap-companies-stable-predictable-growth-2020-11">Buy these 13 stocks that offer stable and predictable growth without the excessive valuations of big tech, Credit Suisse says</a>

Kodak admits an internal error allowed former executives to make more than $5 million selling stock options they never owned

<ul><li>US stocks climbed on Wednesday as investors prepared for updated outlooks and policy commentary from the Federal Reserve.</li><li>Fed Chair Jerome Powell is set to speak following the conclusion of the Federal Open Market Committee's two-day meeting — the first since the central bank updated its monetary policy framework in August.</li><li>Strong <keyword id="6357061" type="SPONSORED" weightage="60" keywordseo="earnings">earnings</keyword> from <a href="https://markets.businessinsider.com/stocks/fdx-stock">FedEx</a> and <a href="https://markets.businessinsider.com/stocks/adbe-stock">Adobe</a> lifted indexes in early trading.</li><li><keyword id="87998" type="PERSON" weightage="60" keywordseo="Retail-sales">Retail sales</keyword> <a href="https://www.businessinsider.com/us-retail-sales-august-miss-estimates-economic-recovery-slows-recession-2020-9">grew by just 0.6%</a> in August, missing the average economist estimate of 1% and marking a slowdown from July's 1.2% growth.</li><li>Oil prices increased on reports of US stockpiles falling by 9.5 million barrels last week. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti" target="_blank" rel="noopener">West Texas Intermediate crude</a> jumped as much as 3.2%, to $39.49 per barrel.</li><li><a href="https://markets.businessinsider.com/indices">Watch major indexes update live here</a>.</li></ul>US equities gained on Wednesday as investors cheered strong earnings reports and looked to the Federal Reserve for policy updates.<a href="https://markets.businessinsider.com/stocks/fdx-stock">FedEx</a> and <a href="https://markets.businessinsider.com/stocks/adbe-stock">Adobe</a> both beat expectations for quarterly earnings after <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> closed on Tuesday. The two stocks swung higher in early trading and boosted major indexes.The Federal Open Market Committee ends its two-day monthly meeting on Wednesday afternoon — its first such gathering since the central bank unveiled its updated policy framework in August.Policymakers are expected to maintain near-zero rates and issue a quarterly update on the Fed's outlook for gross domestic product, inflation, and unemployment. The central bank may also issue new guidance for how long it expects to maintain extremely accommodative monetary policy.Here's where US indexes stood shortly after the 9:30 a.m. ET market open on Wednesday:<ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingesttm_medium=ingest" target="_blank" rel="noopener">S&amp;P 500</a>: 3,412.14, up 0.3%</li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest" target="_blank" rel="noopener">Dow Jones industrial average</a>: 28,052.60, up 0.2% (57 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest" target="_blank" rel="noopener">Nasdaq composite</a>: 11,226.46, up 0.3%</li></ul>Read more: <a href="https://www.businessinsider.com/options-trading-strategy-market-wizards-schwager-tony-saliba-shares-advice-2020-9">Legendary options trader Tony Saliba famously put together 70 straight months of profits greater than $100,000. Here's an inside look at the strategy that propelled him to millionaire status before age 25.</a>"The Fed has made abundantly clear that policy rates will remain pinned near zero for as far as the eye can see," said Seema Shah, the chief strategist at Principal Global Investors. "Yet markets will be impatient for additional guidance on how they will utilize their broader toolkit if they want inflation to hit 2% over the forecast horizon, let alone overshoot it."Tech stocks slowed their roll on Wednesday after rebounding in recent sessions. The sector has endured intense volatility through September as investors have weighed historically high valuations against the firms' earnings strength through the pandemic.Investors also grappled with <a href="https://www.businessinsider.com/us-retail-sales-august-miss-estimates-economic-recovery-slows-recession-2020-9">retail-sales data that was weaker than expected</a>. August sales grew by just 0.6%, missing economists' estimates of 1% and sinking from July's 1.2% growth. The reading marked the fourth straight increase since spending cratered in April but also showed a slowdown as economic stimulus dried up last month.Read more: <a href="https://www.businessinsider.com/real-estate-investing-strategy-from-house-hacks-to-multifamily-units-2020-9">Anthony Angotti quit his 9-to-5 career to pursue real-estate investing full time. Here's the strategy he's used to balloon his portfolio to 89 units after an initial duplex investment.</a><a href="https://markets.businessinsider.com/stocks/kodk-stock">Kodak</a> shares surged after an internal investigation found that stock trades by CEO Jim Continenza around the time the Trump administration disclosed a $765 million loan to the firm didn't violate company rules.The sports-betting platform <a href="https://markets.businessinsider.com/stocks/dkng-stock">DraftKings</a> rose after <a href="https://draftkings.gcs-web.com/news-releases/news-release-details/draftkings-and-new-york-giants-announce-official-exclusive">announcing an exclusive deal</a> with the New York Giants to operate online wagers, a sportsbook, and a virtual lounge on game days.Spot gold climbed as much as 1%, to $1,973.60. The US dollar extended its decline and Treasury yields fell slightly.Crude-oil futures jumped after the American Petroleum Institute reported that US inventories fell by 9.5 million barrels last week, <a href="https://www.bloomberg.com/news/articles/2020-09-15/oil-extends-rally-after-report-shows-decline-in-u-s-stockpiles?srnd=markets-vp">according to Bloomberg</a>. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti" target="_blank" rel="noopener">West Texas Intermediate crude</a> gained as much as 3.2%, to $39.49 per barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestmp;utm_medium=ingest" target="_blank" rel="noopener">Brent crude</a>, oil's international standard, climbed 2.8%, to $41.66 per barrel, at intraday highs.Now read more markets coverage from Markets Insider and Business Insider:<a href="https://www.businessinsider.com/investing-strategy-skybridge-gayeski-hedge-fund-managers-to-invest-in-2020-9">The co-investing chief of SkyBridge explains how he finds opportunities in places where no one is looking — and shares the 3 hedge fund titans he's plowing money into ahead of market-wide 'muted returns'</a><a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-rally-continue-fed-aid-economic-recovery-ubs-2020-9-1029591603">The world's largest wealth manager says central banks still have plenty of ammo that can keep stocks rallying</a><a href="https://markets.businessinsider.com/news/stocks/chamath-palihapitiya-fourth-spac-blank-check-firm-social-capital-hedosophia-2020-9-1029591914">Billionaire investor Chamath Palihapitiya reportedly plans to raise $500 million with 4th SPAC as blank-check spree continues</a>

US stocks climb as investors await policy guidance from the Fed

<ul><li>US stocks closed mixed on Wednesday as sliding tech giants overshadowed the Federal Reserve's pledge to keep monetary support intact for the foreseeable future.</li><li>Central bank policymakers signaled near-zero interest rates would last through 2023 to buttress the US economic recovery.</li><li>The tech sector dragged major indexes into intraday losses, with mega-caps including Apple and Facebook leading the slump.</li><li><keyword id="87998" type="PERSON" weightage="60" keywordseo="Retail-sales">Retail sales</keyword> <a href="https://www.businessinsider.com/us-retail-sales-august-miss-estimates-economic-recovery-slows-recession-2020-9">grew by just 0.6%</a> in August, missing the average economist estimate of 1% and marking a slowdown from July's 1.2% growth.</li><li>Oil prices increased on reports of US stockpiles falling by 9.5 million barrels last week. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti" target="_blank" rel="noopener">West Texas Intermediate crude</a> jumped as much as 5.4%, to $40.33 per barrel.</li><li><a href="https://markets.businessinsider.com/indices">Watch major indexes update live here</a>.</li></ul>US equities closed mixed on Wednesday as investors weighed the Federal Reserve's latest policy decision against a tech-sector slump.Tech names slowed their roll on Wednesday after rebounding in recent sessions. Mega-caps including <a href="https://markets.businessinsider.com/stocks/aapl-stock">Apple</a>, <a href="https://markets.businessinsider.com/stocks/fb-stock">Facebook</a>, and <a href="https://markets.businessinsider.com/stocks/msft-stock">Microsoft</a> sank through the afternoon and dragged the S&amp;P 500 and Nasdaq composite into intraday losses. The sector has endured intense volatility through September as investors have weighed historically high valuations against the firms' earnings strength through the pandemic.The Federal Open Market Committee elected to hold rates near zero and maintain asset purchases at least at their current pace after their two-day September meeting. Central bank policymakers also signaled <a href="https://www.businessinsider.com/federal-reserve-fomc-decision-september-near-zero-rates-through-2023-2020-9">near-zero rates would last through 2023</a>.In an update to its forward guidance, the Fed said it "expects to maintain an accommodative stance of monetary policy" until maximum employment is achieved and inflation averages 2% over time, according to a Wednesday <a href="https://www.federalreserve.gov/newsevents/pressreleases/monetary20200916a.htm">statement</a>. The stance signals to investors that highly supportive monetary policy will remain in place well into the US economic recovery. Here's where US indexes stood at the 4 p.m. ET market close on Wednesday:<ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingesttm_medium=ingest" target="_blank" rel="noopener">S&amp;P 500</a>: 3,385.49, down 0.5%</li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest" target="_blank" rel="noopener">Dow Jones industrial average</a>: 28,032.38, up 0.1% (37 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest" target="_blank" rel="noopener">Nasdaq composite</a>: 11,050.47, down 1.3%</li></ul>Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-cheap-companies-strong-earnings-2021-jefferies-2020-9" target="_blank" rel="noopener">A Wall Street firm says investors should buy these 15 cheap, high-earning stocks now to beat the market in 2021 as more expensive companies fall behind</a>"If there was any doubt about the Fed's intention to allow the economy to run hot, today's FOMC meeting put paid to that," Seema Shah, chief strategist at Principal Global Investors, said. "The only question that remains, is how hot is hot?"Investors also grappled with <a href="https://www.businessinsider.com/us-retail-sales-august-miss-estimates-economic-recovery-slows-recession-2020-9">retail-sales data that was weaker than expected</a>. August sales grew by just 0.6%, missing economists' estimates of 1% and sinking from July's 1.2% growth. The reading marked the fourth straight increase since spending cratered in April but also showed a slowdown as economic stimulus dried up last month.Energy stocks gained the most through the day, with real estate and industrial stocks also notching healthy gains. Tech stocks fell the most of the S&amp;P 500's 11 sectors along with communication services and consumer cyclical stocks.Read more: <a href="https://www.businessinsider.com/real-estate-investing-strategy-from-house-hacks-to-multifamily-units-2020-9">Anthony Angotti quit his 9-to-5 career to pursue real-estate investing full time. Here's the strategy he's used to balloon his portfolio to 89 units after an initial duplex investment.</a><a href="https://markets.businessinsider.com/news/stocks/snowflake-stock-price-soars-market-trading-debut-buffett-ipo-2020-9-1029595825">Cloud-data startup Snowflake more than doubled</a> in its first day of trading on the New York Stock Exchange. The company raised roughly $3.4 billion in its debut, making it the largest-ever software initial public offering and biggest IPO of the year.<a href="https://markets.businessinsider.com/stocks/kodk-stock">Kodak</a> shares surged after an internal investigation found that stock trades by CEO Jim Continenza around the time the Trump administration disclosed a $765 million loan to the firm didn't violate company rules.The sports-betting platform <a href="https://www.businessinsider.com/draftkings-stock-price-new-york-giants-deal-big-10-restart-2020-9">DraftKings rose</a> after <a href="https://draftkings.gcs-web.com/news-releases/news-release-details/draftkings-and-new-york-giants-announce-official-exclusive">announcing an exclusive deal</a> with the New York Giants to operate online wagers, a sportsbook, and a virtual lounge on game days.<a href="https://markets.businessinsider.com/news/stocks/nikola-stock-price-jpmorgan-analyst-defends-company-following-cfo-meeting-2020-9-1029595994">Nikola reversed an intraday tumble and soared</a> after JPMorgan analyst Paul Coster backed the company after a discussion with its management. The stock slipped through recent sessions amid research reports knocking Nikola for misrepresenting its performance and sales. Nikola deemed such reports false, but the statement did little to keep shares from falling earlier in the week.Read more: <a href="https://www.businessinsider.com/options-trading-strategy-market-wizards-schwager-tony-saliba-shares-advice-2020-9">Legendary options trader Tony Saliba famously put together 70 straight months of profits greater than $100,000. Here's an inside look at the strategy that propelled him to millionaire status before age 25.</a>"The overall message was reassuring: no loss of momentum with existing partners, prospective customers, suppliers and employees," Coster said in a Wednesday note.Spot gold climbed as much as 1%, to $1,973.60. The US dollar erased losses and gained slightly, and Treasury yields ticked higher after the Fed's announcement.Crude-oil futures jumped above $40 per barrel after the American Petroleum Institute reported that US inventories fell by 9.5 million barrels last week, <a href="https://www.bloomberg.com/news/articles/2020-09-15/oil-extends-rally-after-report-shows-decline-in-u-s-stockpiles?srnd=markets-vp">according to Bloomberg</a>. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti" target="_blank" rel="noopener">West Texas Intermediate crude</a> gained as much as 5.4%, to $40.33 per barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestmp;utm_medium=ingest" target="_blank" rel="noopener">Brent crude</a>, oil's international standard, climbed 4.5%, to $42.37 per barrel, at intraday highs.Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://www.businessinsider.com/investing-strategy-skybridge-gayeski-hedge-fund-managers-to-invest-in-2020-9">The co-investing chief of SkyBridge explains how he finds opportunities in places where no one is looking — and shares the 3 hedge fund titans he's plowing money into ahead of market-wide 'muted returns'</a><a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-rally-continue-fed-aid-economic-recovery-ubs-2020-9-1029591603">The world's largest wealth manager says central banks still have plenty of ammo that can keep stocks rallying</a><a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-volatility-stocks-us-election-wells-fargo-2020-9-1029595832">Wells Fargo says stock market volatility will balloon after US election</a>

US stocks close mixed as tech slump overshadows Fed's plans for long-term support

<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN" "http://www.w3.org/TR/REC-html40/loose.dtd"><html><body><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>This post was written by Jim Continenza, chairman and CEO of Vivial.When I think about people and companies who have transformed industries or created a new way of doing business, big names come to mind.Apple, once a niche computer company, developed a way to fit a computer into our pockets, completely changing the notion of individual connectivity. Google created the search industry and then transformed its revenue model to monetize the way businesses advertise online. Amazon changed the way we buy, giving the world unprecedented access to countless consumer products.For the past several years, the <keyword id="35666" type="COMPANY" weightage="60" keywordseo="advertising">advertising</keyword> technology industry has been emerging, growing, and shifting in response to new customer behaviors. Content marketing, social media, texting, search engine optimization, location-based services, and data analysis are all ways today's businesses find, reach, and engage with customers. And largely, the ad tech industry has been fragmented - looking for its identity. The industry is loosely defined and operating in silos.Spending valuable time staying on top of these evolving technologies can be exhausting and unproductive. Business owners need to focus on running their businesses. Companies should be able to consolidate all aspects of the customer experience without having to manage and track multiple systems and work with various vendors and consulting companies, which would inevitably give conflicting advice.This lack of an integrated solution is complicated and expensive, and it leaves business owners as the confused integrators.Knowing that customers want a more seamless experience, I saw the opportunity to establish a new category in the ad tech industry. And that is why I'm excited to be leading Vivial - a community of the best-of-breed technologies and talented people working to simplify the process and help businesses find, reach, and build loyalty with customers.In June, TBC Holdings - an ad tech company backed by GSO Capital Partners, the credit-focused division of Blackstone - announced that our portfolio of companies will fully integrate to form Vivial. This fall, all of our technology acquisitions within the TBC portfolio will not just change in name, but also in the way we help businesses engage with customers.Vivial is in the connections business - connecting companies to customers, people to products. We bring together multiple components of ad tech into one seamless experience. With easy-to-use customer engagement tools accessible on our software-as-a-service platform, Vivial helps businesses reach customers quickly and easily, and increase return on investment with actionable consumer insights.The journey to come together as Vivial evolved over time. As Vivial's chairman and CEO, I looked for ways to bring together strong, pioneering companies and led strategic acquisitions to establish a team of strong leaders and best-in-class infrastructure to strengthen our customer's connection to audiences that matter most. A dedicated, results-driven service team is available to support our innovative technology and help customers with the basics and beyond. We have invested in a network infrastructure to own and operate our own mobile messaging network, allowing us to reach customers directly.While technology and customer behaviors continue to evolve, the one thing that will not change is the need for small and medium businesses, franchises, and Fortune 500 companies to make direct connections with customers and to interact with customers in real time.So over time, we'll continue to find new opportunities to add to the Vivial portfolio, incorporate more pieces of the marketing mix into our company, and enhance the ways we help companies engage with their customers on a personal level.Customer engagement only works if it's engaging. At the end of the day, businesses need to adapt to the way customers want to find them, not the way they want to be found. That's what the ad tech industry is all about - keeping up with shifts in technology, advertising, marketing, and customer behavior.I'm excited to bring a new category to the ad tech industry: helping businesses reach customers quickly and easily so they can get back to business.<a href="http://bit.ly/2aOtjVd" target="_blank">Learn more about how Vivial can help businesses connect to their customers in the right way.</a>This post is sponsored by <a href="http://bit.ly/2aOtjVd" target="_blank">Vivial</a>.</body></html>Find out <a href="http://www.businessinsider.com/sponsor-posts">more about Sponsor Content</a>.

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