In a month that saw an enormous rally in Eastman Kodak (NYSE:KODK) stock price followed by a deep dive many people lost money in this speculation. But some people banked hard.
These people that banked hard are not Robin Hood traders, at least the 93,750 stock holders still holding strong to their KODK shares. They are probably hoping to see a bounce back. Stock-that-goes-down-must-go-up philosophy is not going to help people that invested in Kodak. According to Robintracker, around 2000 Robin Hood investors decided to part ways with their KODK shares in the last 24 hours. If each of those 2000 traders lost only $100 on Kodak speculation that equals to $200K of lost money.
Kodak moment lasted just a couple of days when KODK went from $2.67 to $33.20 in 48 hours. Now, a month later KODK stock is going down again, trading at around $6.71 on Tuesday, one hour before the closing bell.
On Monday, White House trade adviser Peter Navarro criticized Kodak officials:
“What happened at Kodak was probably the dumbest decisions made by executives in corporate history,” and he added that ““You can’t fix stupid, you can’t even anticipate that degree of stupidity.”