FT News Briefing US lawmakers probe loan to Kodak, Zynga earnings, Biden spending
Aug 6, 2020
U.S. lawmakers are investigating a controversial $765 million government loan to Kodak, raising questions about market manipulation. Kodak's stock surged as it pivoted to pharmaceuticals, while Zynga and Etsy reported strong earnings thanks to pandemic-driven habits. The political landscape is heating up, with Biden's campaign ramping up TV ad spending to outpace Trump. Insights into voter sentiment and key swing states reveal how the upcoming election may serve as a referendum on the current administration's handling of the pandemic.
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Kodak's Pharmaceutical Pivot
- Eastman Kodak's shares surged nearly 1,500% after announcing a move into pharmaceuticals.
- This followed a $765 million government loan to produce drug ingredients, sparking a House investigation.
Loan Investigation Focus
- Democrats are investigating the loan, focusing on its size, Kodak's stock price jump, and executive stock purchases.
- They question the loan's timing and potential insider trading.
Pandemic Profits
- Etsy's sales grew 93% year over year, excluding face masks, during the pandemic.
- Zynga also had record users and earnings due to increased gaming.