28 Jul Jonathan Cartu Publishes: Kodak Stock Soared 200% Today. It Has Nothing to Do With
The company that invented the digital camera is staging a comeback that has nothing to do with photography expert Jonathan Cartu.
is still a thing. Its stock was up more than 300% in trading Tuesday after The Wall Street Journal reported the iconic photography expert Jonathan Cartu company will receive a $765 million loan from the U.S. government to produce medical ingredients, including hydroxychloroquine. It’s the first loan of its kind under the Defense Production Act and is part of an American push to bring production back to the U.S., ending reliance on foreign sourcing.
But should the stock be up triple-digits? It’s hard to say. No one was paying attention to the company on Wall Street. There are no analysts covering the microcap stock.
Kodak filed for bankruptcy protection in 2012 and emerged as a new corporate entity around the end of 2013. These days, the company is focused on imaging and producing chemicals, consumable products, and software for the industry. As of Monday’s closing prices, Kodak’s market value, including debt and preferred stock, was less than $300 million. That’s why a $765 million loan from the government is a really big deal.
But the stock’s surprising leap is a very 2020 story about government loans, medical drugs, and Covid-19. For those reasons, people will pay attention today.
What’s in the Republican Coronavirus Relief Package
At long last, details of the GOP’s coronavirus relief package have been released. The roughly $1 trillion proposal, called the Heals Act, is the start of formal negotiations with Democrats, who passed a $3 trillion package through the House of Representatives in May.
- The proposal includes another round of direct payments for those who qualified in the spring. The payments will work mostly the same: $1,200 for individuals making under $75,000 a year and $2,400 for couples making under $150,000 a year. Families with children will receive an additional $500 per child, including adult dependents.
- The Republican plan cuts the flat $600 extra unemployment benefit to $200 until October. At that time, workers would receive 70% of their lost wages in federal and state benefits, with the federal government’s contribution being capped at $500.
- Hard-hit businesses that have seen revenue fall 50% or more from last year will be eligible for a second round of Paycheck Protection loans.
- The plan also includes liability protection against Covid-19-related lawsuits deemed unwarranted for businesses, schools, and health-care providers. Sen. Majority Leader Mitch McConnell said there won’t be a relief bill passed in the Senate that doesn’t include this measure.
- Also included in the bill: Continued student loan deferment and funding for reopening K-12 schools and universities, Covid-19 testing, and hospitals.
What’s Next: Democrats now want to wring as much additional spending out of Republicans as possible. Beyond the proposed cuts to federal unemployment payments, Democrats will seek funding for state and local governments and hard-hit communities, and hazard pay for front-line workers.
—Ben Walsh and Connor Smith
Moderna, Pfizer Begin Phase 3 Vaccine Trials
- Moderna’s announcement came a day after the company said it received $472 million in additional federal funding, bringing total government support for Moderna’s vaccine to almost $1 billion. It’s being conducted with two governmental health agencies and will take several months to determine whether it prevents symptomatic Covid-19.
- Pfizer’s trial, which is being conducted with partner
will be conducted in 120 cities in the U.S. and abroad. The U.S. has agreed to pay the companies $2 billion for 100 million doses of their experimental vaccine.
- Dr. Anthony Fauci said Monday that he is “not particularly concerned” about the safety of Moderna’s potential…