A More Trustworthy Candidate
A pointed letter over the weekend, on political messages and free speech…
“You have to have a screw loose to outwardly support Trump, not because Trump made promises and kept them and is a more trustworthy candidate that has stayed loyal to his promises but because the crazy people on the left are capable of being talked into anything to fight for their point, which we still don’t understand.”
Fringe radicalization… sensationalist news media… profiteering from fear and confusion…
There are days worth of questions in this reader’s letter. Some of which have no answers in sight.
Maybe the most productive follow up question we could ask, at the risk of sounding naive: Why do we spend so much time fighting over philosophy and viewpoints…
… and so little time finding common ground in the quest to solve the nation’s problems?
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Your Rundown for Monday, Aug. 10, 2020…
KODK’s $765 Million… On Hold
Eastman Kodak (NYSE: KODK) shares rocketed higher late last month on the July 28 news the company would pivot to manufacturing pharmaceutical components.
The U.S. International Development Finance Corp. (DFC) also pledged $765 million in loans to help KODK with the transition.
Senior administration trade advisor Peter Navarro said the loan pledge to KODK was, “the beginning of American independence from our pharmaceutical dependence on foreign countries.”
All good news so far.
KODK boldly enters the future with strong government support. A classic American name will have a hand in re-shoring critical pharmaceutical components.
But did someone get greedy along the way?
On Tuesday, July 21 KODK shares closed at $2.20 after roughly 117,000 shares traded hands for the day.
Fast forward to Wednesday, July 29 – the day after the news – KODK shares touched $60.00 and closed at $33.20 on volume of over 276 million shares.
Take a look…
This morning, the KODK news is less rosy.
The DFC has announced the $765 million loan will not proceed until “allegations of wrongdoing are cleared.”
The allegations, as you might guess, surround the award of stock options granted to KODK execs in the days leading up to the announcement of the DFC loan.
Certainly, prying eyes in Congress and at the SEC will get this cleared up quickly.
Yes, we understand the absurdity of the sentence above.
But we should hope this is a “nothing to see here” case of inopportune timing and there was no illegality involved.
For the benefit of domestic pharmaceutical manufacturing… our future depends on it.
KODK shares are down over 42% this morning, at $8.57.
Buyer beware until the smoke clears…
Market Rundown for Monday, Aug. 10, 2020
The S&P’s up 6.83 this morning at 3,358.
Oil’s up $0.84 at $42.06.
Gold holds above $2,000… up $27.50 at $2,055. Is the once in a generation gold bull here?
Bitcoin’s up at writing nearly 2%… going for $11,913 in fiat terms.
Send your comments and questions to, TheRundownFeedback@SevenFigurePublishing.com.
We’ll have more on Wednesday. Have a great day.
For the Rundown,