On Monday, July 27 2020, a local news affiliate in Rochester, NY (home of Kodak HQ) tweeted that a "BIG announcement" was coming concerning a deal between Kodak and the federal government. This set off a week of unprecedented trading activity in the company's stock (KODK).
At around 12pm on Monday, the following was tweeted and deleted some time later:
"BIG announcement expected tomorrow from Kodak and the U.S. government regarding "a new manufacturing initiative." News 8 WROC Rochester will be all over it."
In the next 30 minutes, about $800k was invested in the stock, which pushed the price up 14% from the morning's open. A Redditor picked up on the story later that afternoon, posting it to r/pennystocks and retweeting the details:
This also appears to have moved the stock, as we see another $500k invested in about 30 minutes after the post, and the price climbing to +22% on the day.
Compared with the next couple days, Monday's activity is pretty much invisible. While the $4 million traded on Monday is a lot for KODK, the next day we see $2 billion flood into the company ahead of the official announcement at the end of day.
Following the announcement that the government would provide Kodak with a $765M loan to manufacture drug ingredients, at Wednesday's open KODK was up almost 900% on the week.
Robinhood account data shows retail interest rising on Tuesday, although Robinhood accounts for a small portion of overall trading activity. About 20,000 Robinhood accounts added KODK on Tuesday, while the stock was traded 867,308 times according to market-wide data reported by IEX, with more than 10,000 trades per minute during peak activity. Big thanks to Robintrack for sharing access to their data.
With a flood of buyers chasing the stock, and sell-side liquidity drying up, the price briefly climbed above $50 before pulling back. KODK shares ended the week at $21.85, which is near where it opened on Wednesday after the official announcement, but about ten times higher than Monday's open at $2.15.