In one of the most bizarre announcements in corporate history, ailing has-been Kodak, a gem of a company decades ago but basically a shell of its former self now, was suddenly awarded a nearly billion dollar loan from the prudent, wise men of D.C., to develop a Covid vaccine. Naturally, their nearly-worthless stock exploded thousands of percent higher in value.
In the only example over the past decade of crime being taken seriously, the government actually is having second thoughts about handing a gargantuan sum of money to some less-than-savory characters, thus:
Of course, retail bagholders have been taken on a wild ride. A stock that basically no one traded and was dragging around at almost $zero was thrust upward to $60 and has had almost all those gains beaten out of it already in a matter of days.
I read a comment about Kodak that captures the situation beautifully:
See, the execs at Kodak didn’t do a crackerjack job hiding their tracks. The volume on KODK went from virtually nothing to over a quarter billion shares before the announcement even rolled out. And, naturally, the volume has been quite high ever since, as the stock has proceeded to lose virtually all of its value once more.
This isn’t the first time Kodak has a pulled a “THIS will save the company, men!” stunt. The last one, pathetically, was when they jumped aboard the crypto train during the Altucher Peak. This two yellow tints mark the dual stupidity of crypto (left side) and the Kodak Vaccine Fiasco (right side).
What a joke!