Kodak stock started climbing a day before the news explained why.

Four days of Kodak in July 2020, from the record. The Whisper sends you days like it while the story is still early.

Friday, July 24, 202074,000Kodak shares traded

Just under 74,000 Kodak shares change hands. There is no news.

Monday, 11:25 a.m.$2.13Monday open

12:02 and 12:19 p.m.$2.13Monday open

Monday close$2.62Monday close

The stock opened at $2.13 and closed at $2.62.

6:20 p.m.$2.62Monday close

Tuesday, at the open$6.00Tuesday open

Tuesday close$7.94Tuesday close

Kodak closes at $7.94.

Wednesday, July 29$60Wednesday high

The stock trades as high as $60 and closes at $33.20. Over the two days, more than 560 million shares trade.

Monday, 11:25 a.m.

A Kodak press employee emails Rochester reporters: a government announcement is coming tomorrow.

12:02 and 12:19 p.m.

Two local TV reporters post it online. Both posts come down after Kodak calls.

6:20 p.m.

A New York Times reporter posts the news to a national audience.

Tuesday, before the open

The government says it will sign a letter of interest for a $765 million loan to Kodak, to make drug ingredients.

What the record shows about those two days

A letter of interest is a first step toward a loan. Kodak had no loan on the day its stock touched $60.

On the Monday, a board committee approved 1.75 million stock options for Kodak’s executive chairman.

In September 2020, a law firm hired by Kodak’s board found no broken law. It said the early notice fell short of best practice.

That finding came from lawyers Kodak’s own board hired.

$7.94Tuesday close

$60Wednesday high

Anyone who bought near $60 paid more than seven times Tuesday’s close.

The event underneath it, from the record, with its date.

A $765 million letter of interest from the government, public before the open on Tuesday, July 28, 2020.

How much of the reason is proven, and which part is still a guess.

Kodak’s own notice went out a day early, the report confirms. It found no broken law.

The companies standing in the story, by ticker, one line each.

KODK

The date that settles it, and what to look for that day.

September 2020, when the board committee’s report was filed with the SEC.