Huge Bull Trade in Eastman Kodak

Eastman Kodak Company (NYSE: EK) rocketed higher today by over 11.00% to $8.90 on news that the company is revamping its image/brand management and potentially developing a new marketing program. I am thinking that some of those 52 million shares sold short are getting antsy, especially after the stock made a huge pop back in February and has been unable to be sold off since.

The options action came on the January 2012 $10 call strike today where two blocks of contracts (the first 37,500 contracts and the second 35,000 contracts) traded for $1.60. The trades were exclusively purchases on the offer and far surpassed the open interest on the line. This is clearly an out-and-out bullish trade in the name with one large investor leveraging the upside in the name.

Eastman Kodak Company is scheduled to report earnings on the 29th of April.