For one novice trader, news of Kodak’s government loan signaled the perfect time to buy. When he sold out of the stock only days later, he was down $30,000. “I guess what I learned is trading is just gambling. That’s a fact.”
In the span of six trading days, Eastman Kodak Co.’s volatile stock made millions for some and destroyed the savings of others.
Kodak’s stock price first rose Monday, July 27, and then surged from $2 to as high as $60 over the following two sessions on an intraday basis thanks to the preliminary disclosure of a possible $765 million government loan to make drug ingredients at its U.S. factories. The stock then fell precipitously.
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