Why Eastman Kodak's Stock Is Soaring Today

Eastman Kodak Company KODK shares are trading higher following a Wall Street Journal report suggesting the company has landed a $765 million U.S. loan under the Defense Production Act to manufacture drugs to treat a variety of conditions.

"The onetime leader in photography sales is gearing up to produce ingredients for generic drugs, including the antimalarial drug hydroxychloroquine that President Trump has touted in the treatment of coronavirus. Meanwhile, the U.S. is aiming to shift from relying on countries such as China and India, Kodak Chief Executive Jim Continenza and U.S. officials said," according to Wall Street Journal.

Eastman Kodak provides hardware, software, consumables, and services to customers in the graphic arts, commercial print, publishing, electronic displays, entertainment and commercial films, and consumer products markets worldwide.

Kodak's stock was trading up 307.63% at $10.68 per share on Tuesday at the time of publication. The company set a new 52-week high earlier today of $11 and has a 52-week low of $1.50.