Kodak shares surge 300% after pharmaceutical deal

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Talk about a revival of a brand once left for dead.....

Shares of Kodak, the old photography company, have soared more than 1500 percent so far this week..... FIFTEEN HUNDRED PERCENT!

Wednesday's massive move in the stock came one day after President Trump said this:

"Today I'm proud to announce one of the most important deals in the history of US pharmaceutical Industries. My Administration has reached a historic agreement with a great American company. You remember this company? It's called from the good old camera age, the old days, to begin producing critical pharmaceutical ingredients. It's called Kodak and it's going to be right here in America so I want to congratulate the people and Kodak."

Yep - that's right, Kodak is getting into the pandemic-fighting business.

Eastman Kodak is getting a $765 million loan from the U.S. government to produce pharmaceutical ingredients that will be used to make generic drugs, including those used to fight COVID-19.

White House trade adviser Peter Navarro said in an interview Tuesday with Fox Business network that "This is the beginning of American independence from our pharmaceutical dependence on foreign countries."

Kodak will use the money for a new division called Kodak Pharmaceuticals.

The former icon filed for bankruptcy protection in 2012 after failing to embrace modern technologies such as the digital camera.

Investors couldn't be happier at this turn of events...a stock that started the week closer to $3 has soared to more than $30 by Wednesday.

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