Eastman Kodak (EK) loses 20 cents to 46 cents after the WSJ wrote that the company is prepping for Chapter 11 bankruptcy protection if plans for patent sales fail. Order flow is bearish, with about 12,000 puts and 2,890 calls traded on the stock. Jan .5 puts, which are now 4 cents in-the-money, are the most actives. 5,650 traded, as it apppears that buyers are bracing for additional losses in the stock over the next two-and-a-half weeks. The top trade is a 500-lot at the 16-cent asking price. Jan 1, Feb 1, and Apr .5 puts on EK are seeing interest as well. EK also received a listing standard notice from the NYSE yesterday after the average closing price of the stock over the past 30 days was less than $1.
About the Author (Author Profile)
Frederic Ruffy is a well-known trader, writer, and strategist who has spent years educating investors and creating intelligent, insightful, unbiased market observations that are frequently cited by the Wall Street Journal and other financial publications. As senior analyst, Fred provides frequent and regular notes and daily updates for activity of interest.