Eastman Kodak's stock is seeing an upward movement following the company's strategic decision to sell illiquid assets valued at over $550 million. This move is part of Kodak's broader strategy to realign its business and improve financial stability. The market has reacted positively to this development, viewing it as a significant step towards a sustainable comeback for the company. The asset sale is expected to provide Kodak with much-needed liquidity, which could be used to invest in growth opportunities or reduce debt.
The stock's performance is also being bolstered by the impressive gains in Kodak's Open-End Turbo-Long, which has surged by 53% over the past three trading days. This financial instrument's rapid appreciation reflects investor optimism about Kodak's recent strategic measures and their potential to drive long-term growth.
Eastman Kodak's stock rose 0.9% in after-hours trading to $7.32, following a 1.54% increase to close at $7.25 on November 29, 2024.