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Why Kodak Stock Skyrocketed 879.8% in July

Why Kodak Stock Skyrocketed 879.8% in July

Shares of Eastman Kodak (NYSE: KODK) soared 879.8% in July, according to data from S&P Global Market Intelligence. The stock was one of the market's best performers last month and exploded on news that the photography company was receiving government support to move in a direction related to combating the coronavirus pandemic. News emerged on July 28 that Kodak had secured a $765 million government loan under the Defense Production Act to undertake the production of ingredients for generic pharmaceuticals including hydroxychloroquine, a drug that has previously been used to treat malaria and that President Trump has suggested could be effective in treating COVID-19.