Kodak stock price doubles after big announcement, economists skeptical

Kodak logo, courtesy of @Kodak on Twitter

ROCHESTER, N.Y. (WROC) — In the course of a few hours, Kodak’s stock went from hovering around $3 to more than $7.

“How much will Kodak make from this? I don’t know. Will they make enough to make the company worth twice what it was yesterday? I don’t know, but they do have a high hurdle to translate this very good idea into actual cash,” said George Conboy, of Brighton Securities.

Today saw a 125% increase in stock price since this morning. Part of the reason, local economists say, is the recent interest from investors in anything relating to crypto-currency like bitcoin.

“Lately anything relating to block chain or crypto-currency is in, companies think putting that in their names, or putting bitcoin somewhere in your press release will get attention from investors,” said Conboy.

Kodakcoin, as the company is calling it, is intended for photographers to be able to track and get paid for their work. Despite the initial bump though, economists are skeptical if this will translate into sustainable change for the company.

“The idea that Kodak will have its own crypto-currency and that it will be like bitcoin, I think that’s fiction. You’re not going to see Kodakcoin being the next bitcoin,” said Conboy.

This story was originally posted by WROC, a Nexstar contributing station in Rochester.

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