Shares of Eastman Kodak (EK) continue surging higher in midday trading Thursday. The ticker has gained over 14.88% to $5.48 on massive volume. Mid-way through the session EK has already traded nearly 25 million shares, which is more than 4x its daily average volume of 5.5 million shares. Trading in Kodak’s January call/option contracts was active, too.
There is no news out on Kodak, making the stock’s unusual strength and option activity even more interesting. Could the co. be a target of a buyout? Will keep an eye on the name.
Kodak shares are up 24% since the start of the year. The 50-day MA in the name is $4.49 and the 200-day is $5.02.
Eastman, whose market cap prints at $1.45 billion, gained $0.64, or 13.42 percent, to $5.41 at 1:30 p.m. EST in NYSE trading.
Disclosure: No Position