Kodak Pops And Drops On Old News

Eastman Kodak Co. KODK shares spiked over 40% at one point on Wednesday after the company's CEO Jim Continenza announced on Twitter that Kodak is "partnering with Microsoft #Vpress and @PrintVis1 on the print industry’s first all-in-one business portfolio."

Why It Matters: We already knew this.

On Dec. 9, 2020, the official Kodak Print Twitter account announced “PRINERGY On Demand Business Solutions, a collaboration with Microsoft, PrintVis and VPress to provide advanced business solutions for all applications and printers of any size."

The partnership isn't new and isn't an official partnership in the traditional sense, rather, Kodak is using Microsoft’s Azure cloud platform to run its Prinergy solution software.

Kodak shares hit an intraday high of $12.73 following Continenza's tweet.

See Also: Kodak $765M Federal Loan Process Involved No Wrongdoing, DFC Concludes

What’s Next: Kodak share prices have been volatile since former President Trump's administration announced last July it had asked Kodak to develop pharmaceuticals to help in the treatment of coronavirus symptoms. The announcement left many scratching their heads as to how a film photography company would have the ability to produce medicines.

With the repeated announcements from Kodak and its CEO, however, investors can at least be sure Kodak plans to stay in the photography and printing service business with their Prinergy software.

Kodak's stock closed up 16% at $10.98.