This is an excerpt from an article I originally published on Seeking Alpha on January 12, 2012. Click here to read the entire piece.)
In “Why I Bought Eastman Kodak,” I noted the high amount of short interest in Eastman Kodak (EK) as one of four reasons to buy Kodak’s stock. I neglected to post a chart showing the change in short interest. Interestingly, since hitting a peak of 81.4M shares on August 15, 2011, short interest has steadily declined in EK.
{snip}
Until this week, shorts have been able to cover into a worsening backdrop for the stock. Assuming that short interest will soon drop to 40M or so where it started 2011 and news does not get any worse for EK over this time, the stock could get the rocket fuel it needs to hurdle $1/share soon.
(Click chart for full-scale image)
Sources: stock prices from Yahoo!Finance and short interest from Nasdaq.com and Bloomberg
Be careful out there!
This is an excerpt from an article I originally published on Seeking Alpha on January 12, 2012. Click here to read the entire piece.)
Full disclosure: no positions