Plus   Neg

Stock Alert: Eastman Kodak Plunges 30% As $765 Mln Loan Is On Hold

Shares of Eastman Kodak Company (KODK) are down more than 30% Monday morning on the news of U.S. International Development Finance Corp. is halting a $765 million loan to the company to enter into generic drug manufacturing on allegations of insider trading.

"Recent allegations of wrongdoing raise serious concerns. We will not proceed any further unless these allegations are cleared," tweeted the U.S. International Development Finance Corporation on Friday.

Eastman Kodak stock is currently trading at at $10.31. It has traded in the range of $1.50- $60 in the last 52 weeks.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Santa Cruz Bicycles LLC has recalled certain model year 2020 bicycles with aluminum frames citing fall risks, according to the U.S. Consumer Product Safety Commission. The recall involves about 2,900 units of model year 2020 Auminum Santa Cruz and Juliana Bicycles. In addition, about 216 were sold in Canada. AstraZeneca is mulling an additional global trial to confirm the 90% efficacy rate of its Covid-19 vaccine candidate at lower dosage, Bloomberg news quoted Chief Executive Officer Pascal Soriot as saying. In an interview, Soriot noted that instead of adding the trial to an ongoing U.S. process, the company might launch a fresh study to evaluate efficacy of lower dosage of its vaccine that perform U.S. airline Delta Air Lines, Inc. and its Italian codeshare partner Alitalia are planning to launch quarantine-free, COVID-free flights between U.S. and Europe through new testing protocols, starting in December. In a statement, Delta said it has signed deals with airports and governments eliminating quarantine requirements on COVID-tested flights connecting Atlanta and Rome.
Follow RTT