Eastman Kodak KODK shares soared more than 60% higher Tuesday afternoon on seemingly no news.
The controversial stock had been halted four times at the time of publication, and ZeroHedge said it appears a massive short squeeze has begun.
Under Investigation: The company's $765 million U.S. loan deal was put on hold for a pending investigation into allegations of insider trading.
On Monday, White House trade advisor Peter Navarro criticized Eastman Kodak for the handling of a government loan to produce pharmaceutical ingredients in the U.S.
“Based on what I’m seeing, what happened at Kodak was probably the dumbest decisions made by executives in corporate history,” Navarro said on CNBC. “You can’t fix ‘stupid.' You can’t even anticipate that degree of stupidity.”
KODK Price Action: Eastman Kodak shares were trading up 17% at $8.96 at the time of publication. The stock has a 52-week high of $60 and a 52-week low of $1.50.
Related Links:
Kodak Had Some Very Suspicious Trading Activity Ahead Of Drug News
A Closer Look At The Kodak Chairman's Stock Purchases As Shares Rally 1,500%
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