D.E. Shaw Claims 5% Stake in KODK, Sends Stock Soaring

Calls are popular in the options pits today

Deputy Editor
Sep 1, 2020 at 10:48 AM
facebook X logo linkedin

Eastman Kodak Company (NYSE:KODK) is soaring this morning, up 35.2% at $8.08, after D.E. Shaw revealed that it bought 3.94 million shares. The hedge fund now has a 5.2% stake in Kodak, noting that securities weren't acquired or held for the purpose of changing or influencing control of the company. 

KODK has had a volatile summer, spiking to an all-time high of $60 in late July before plummeting in August after its $765 million U.S. Government loan was paused amid a U.S. Securities and Exchange Commission (SEC) probe. Now, the stock is trying to reclaim its 10-day moving average, which has put pressure on KODK since an early August bear gap. Despite the recent slide, the equity is still holding onto a 62.3% year-to-date gain. 

In the options pits, puts are popular. The stock's 50-day put/call volume ratio of 2.32 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) stands higher than 90% of all other readings from the past year. This means that long puts are being picked up at a much faster-than-usual rate. 

Today, however, looks like a bit of a turnaround. So far, 36,000 calls have crossed the tape, five times what's typically seen at this point, compared to 29,000 puts. Most popular is the weekly 9/4 9-strike call, followed by the 7-strike put in the same weekly series, with positions being opened at both. 


Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI