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Kodak expects sales volumes to rebound after COVID-19 hit

Stock Markets Aug 11, 2020 05:15PM ET
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© Reuters. FILE PHOTO: A worker cleans a Kodak booth at the Las Vegas Convention Center in preparation for 2019 CES in Las Vegas
 
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(Reuters) - Eastman Kodak Co (N:KODK) said on Tuesday it expects sales volumes and working capital to improve in the current quarter after reporting a 31% decline in quarterly revenue due to the COVID-19 pandemic, sending its shares up 7%.

The photographic equipment maker's stock plunged on Monday after the U.S. government blocked a $765 million loan to the company, which was going to make drug ingredients for use in possible COVID-19 vaccines, because of "alleged wrongdoing" by executives.

Kodak said on Tuesday investigations by the U.S. Congress and the Securities Exchange Commission have commenced, and could impact the outcome of the loan from the U.S. International Development Finance Corp.

Senior Democratic lawmakers had asked federal regulators to investigate securities made by the company and its executives around the time it learned it could receive the government loan.

Kodak expects sales volumes to rebound after COVID-19 hit
 

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Comments (4)
Florin Tudor
Florin Tudor Aug 19, 2020 6:48PM ET
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Democratic politically fighting whit TRUMP!
Antonio Guillen
Antonio Guillen Aug 11, 2020 8:31PM ET
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back to $2 if deal is off
Sattar Langary
Sattar Langary Aug 11, 2020 6:14PM ET
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I think Kodak stock will be $20 soon.
Joseph Eby
Joseph Eby Aug 11, 2020 6:14PM ET
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I doubt that
buylow sellhigh
buylow sellhigh Aug 11, 2020 5:55PM ET
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let's investigate Congress for insider trading
 
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