Shares of Eastman Kodak Co. (EK) rose the most in 20 years as it boldly announced it will buyback $1 billion of its stock using a tax refund. The refund comes from an audit of the company’s taxes from 1993 to 1998, Bloomberg reported. The company posted a first-quarter loss in April.
Kodak's stock price declined during the week of July 23rd to 27th due to a general fall in stock prices across the board. Concerns about the housing market and its impact on the larger economy put downward pressure on stocks throughout the U.S. and abroad.
On May 23, Kodak announced that it was going to license its OLED technology (full-color small display screens) to be used on mobile displays. This moves stock price from $25.41 USD to $29.19 about three weeks later.
Kodak released 1st Quarter losses which dropped stock price from $24.72 USD to $24.06 USD.
In an effort to cut costs, Kodak announced increased job cuts to a total of 28,000 - 30,000. This sent stock share from $26.00 USD to $22.60 about five weeks later.
Edit Metric
