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Kodak shares rise after execs buy stock

By MOLLY CAPPOTELLI - 5/18/2011 2:56:00 PM

Shares of Eastman Kodak Co. jumped more than 17 percent on news that CEO Antonio Perez and other top executives had purchased stock.

Kodak shares (NYSE: EK) were trading midday Wednesday up 55 cents to $3.67.

A Tuesday filing with the Securities and Exchange Commission shows that on May 13, Perez bought 26,667 shares of common stock priced at $3 a share. It is worth $203,000.

Richard Braddock, presiding director of Kodak's board, bought 69,000 shares at $2.87, for a value of $200,000.

Chief Financial Officer Antoinette McCorvey bought 9,865 shares worth nearly $36,000.

Shares of Kodak climbed last week after a judge ruled in the company’s favor in patent lawsuit brought by Apple Inc. The case was a countersuit brought by Apple.

That came after stocks plunged in late April when Kodak posted a net loss of $249 million, or 92 cents a share, in the first quarter, missing analysts’ earnings expectations.

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