Kodak Shares Hit 2-Year High on Pension Termination Effort

Dow Jones11-25

By Dean Seal

Shares of Eastman Kodak surged after the company said it may terminate its U.S. pension plan and sold off some of the plan's assets.

The stock rose 27% to a high of $6.70 in early trading. Shares haven't traded this high since August 2022.

Before the bell, the company said its board has instructed the committee managing Kodak's retirement fund assets to prepare the corporate pension for a potential termination.

The pension plan is overfunded from strong market gains and significant contributions Kodak made back when it was a household name in print photography.

Kodak has struggled to find its footing as photography has largely gone digital. It had $214 million in cash on its balance sheet as of Sept. 30.

The company said it expects to book between $530 million and $585 million in after-tax cash gains from a series of moves such as selling illiquid assets held by the plan, settling liabilities and replacing the plan with a new one for employees.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

November 25, 2024 10:58 ET (15:58 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2486031890?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2024-11-25 23:58","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2486031890","market":"nz","top_or_hot":-1,"title":"Kodak Shares Hit 2-Year High on Pension Termination Effort","media":"Dow Jones","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n     By Dean Seal \n</p>\n<p>\n  Shares of Eastman Kodak surged after the company said it may terminate its U.S. pension plan and sold off some of the plan's assets. \n</p>\n<p>\n  The stock rose 27% to a high of $6.70 in early trading. Shares haven't traded this high since August 2022. \n</p>\n<p>\n  Before the bell, the company said its board has instructed the committee managing Kodak's retirement fund assets to prepare the corporate pension for a potential termination. \n</p>\n<p>\n  The pension plan is overfunded from strong market gains and significant contributions Kodak made back when it was a household name in print photography. \n</p>\n<p>\n  Kodak has struggled to find its footing as photography has largely gone digital. It had $214 million in cash on its balance sheet as of Sept. 30. \n</p>\n<p>\n  The company said it expects to book between $530 million and $585 million in after-tax cash gains from a series of moves such as selling illiquid assets held by the plan, settling liabilities and replacing the plan with a new one for employees. \n</p>\n<p>\n  Write to Dean Seal at dean.seal@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  November 25, 2024 10:58 ET (15:58 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Kodak Shares Hit 2-Year High on Pension Termination Effort</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nKodak Shares Hit 2-Year High on Pension Termination Effort\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-25 23:58 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://dowjonesnews.com/newdjn/logon.aspx?AL=N><strong>Dow Jones</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>By Dean Seal \n\n\n  Shares of Eastman Kodak surged after the company said it may terminate its U.S. pension plan and sold off some of the plan's assets. \n\n\n  The stock rose 27% to a high of $6.70 in ...</p>\n\n<a href=\"https://dowjonesnews.com/newdjn/logon.aspx?AL=N\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4170","symbol_name":"电脑硬件、储存设备及电脑周边","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2486031890","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2486031890","pubTimestamp":1732550280,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"Shares of Eastman Kodak surged after the company said it may terminate its U.S. pension plan and sold off some of the plan's assets.The stock rose 27% to a high of $6.70 in early trading. Shares haven't traded this high since August 2022.Before the bell, the company said its board has instructed the committee managing Kodak's retirement fund assets to prepare the corporate pension for a potential termination.The pension plan is overfunded from strong market gains and significant contributions Kodak made back when it was a household name in print photography.Kodak has struggled to find its footing as photography has largely gone digital. It had $214 million in cash on its balance sheet as of Sept. 30.The company said it expects to book between $530 million and $585 million in after-tax cash gains from a series of moves such as selling illiquid assets held by the plan, settling liabilities and replacing the plan with a new one for employees.","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4170":"电脑硬件、储存设备及电脑周边","KODK":"柯达"},"translate_title":"柯达股价因养老金终止而触及两年高点","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"KODK":0.9},"content_text":"By Dean Seal \n\n\n  Shares of Eastman Kodak surged after the company said it may terminate its U.S. pension plan and sold off some of the plan's assets. \n\n\n  The stock rose 27% to a high of $6.70 in early trading. Shares haven't traded this high since August 2022. \n\n\n  Before the bell, the company said its board has instructed the committee managing Kodak's retirement fund assets to prepare the corporate pension for a potential termination. \n\n\n  The pension plan is overfunded from strong market gains and significant contributions Kodak made back when it was a household name in print photography. \n\n\n  Kodak has struggled to find its footing as photography has largely gone digital. It had $214 million in cash on its balance sheet as of Sept. 30. \n\n\n  The company said it expects to book between $530 million and $585 million in after-tax cash gains from a series of moves such as selling illiquid assets held by the plan, settling liabilities and replacing the plan with a new one for employees. \n\n\n  Write to Dean Seal at dean.seal@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  November 25, 2024 10:58 ET (15:58 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2486031890"}