Eastman Kodak (KODK) is a corporate name that has been around a long time. Baby boomers remember (when they can) the company as a camera and film company but that is in the past as the photo albums gather dust under the coffee table.
KODK shares now soar and plunge on news and rumors about manufacturing coronavirus vaccines.
The stock is up sharply Tuesday morning on news that the hedge fund D.E. Shaw disclosed a 5.2% passive stake in Kodak. Let's check out a few charts.
In the daily bar chart of KODK, below, we used a log scale to adjust to the very wide swing in prices. We can see that the shares were largely stagnant until they exploded higher with big price gaps and huge trading volume. Prices rocketed higher for a few days and have spent the last month slowly falling back to earth, so to speak. The moving averages are of little use in this kind of market.
The On-Balance-Volume (OBV) line surged sharply higher in July and has spent August drifting lower. A declining OBV line suggests that sellers of KODK have been more aggressive. The Moving Average Convergence Divergence (MACD) oscillator has moved below the zero line for a sell signal.