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Kodak's stock rose so fast it tripped 20 circuit breakers in a single day

July 29, 2020. Summarized by summa-bot.

LAS VEGAS, NV - JANUARY 10: Kodak's Printomatic instaprint cameras are displayed at the Kodak booth during CES 2018 at the Las Vegas Convention Center on January 10, 2018 in Las Vegas, Nevada. CES, the world's largest annual consumer technology trade show, runs through January 12 and features about 3,900 exhibitors showing off their latest products and services to more than 170,000 attendees. (Photo by David Becker/Getty Images)

The enormous rally in Kodak shares has no end in sight, after the Trump administration announced the company will be transformed into a pharmaceutical producer under the Defense Production Act.

New York (CNN Business)The enormous rally in Kodak (KODK) shares has no end in sight, after the Trump administration announced the company will be transformed into a pharmaceutical producer under the Defense Production Act. On Tuesday, President Donald Trump announced the company would receive a $765 million loan to launch Kodak Pharmaceuticals, which will produce generic active pharmaceutical ingredients to reduce America's dependency on foreign drug makers.

But the soaring performance wasn't without hiccups: The New York Stock Exchange halted trading in the shares 20 times throughout Wednesday's trading session as the stock soared, climbing more than 650% at its highest.

The company already manufactures key materials for some pharmaceuticals, so its new mission is just an expansion of that capacity, Kodak CEO Jim Continenza told CNN's Julia Chatterley on Wednesday.

The company will hire some 359 workers, most in New York state, and create approximately 1,200 indirect jobs, Continenza told Chatterley.

"We're excited to bring those jobs back to New York," he said.

Even though the company benefited from the Trump administration's use of the DPA and Continenza praised New York Governor Andrew Cuomo multiple times during the interview, he said: "I'm not political, I'm a businessman, we run a company. "

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