Eastman Kodak (EK) Rumor Mill In Overdrive

Something may be brewing with Eastman Kodak (NYSE: EK) according to the Wall Street rumor mill Wednesday.

Rumors noted on trading desks and reported by multiple financial news services suggest that noted hedge fund manager David Einhorn has established a position in the company.

But are there any truth to this chatter?

Here's what we know.

1. Trading sources said Einhorn discussed Eastman Kodak at last night's Sixteenth Annual Partners' Dinner.

2. Greenlight's Sixteenth Annual Partners' Dinner was in fact scheduled last night.

3. Greenlight issued its fourth quarter letter to investors last night.

4. Eastman Kodak was not mentioned in the Q4 letter.

5. Xerox (NYSE: XRX), which could be confused with Eastman Kodak, was mentioned in the Q4 letter.

6. The last rumor that Greenlight was involved in a stock was accurate... kinda. The rumor mill said Einhorn was buying Diamond Foods (Nasdaq: DMND). In his Q4 letter showed that he was short Diamond but covered for a nice gain.

Greenlight for its part is not commenting. StreetInsider.com contacted the firm on the rumors. "Greenlight Capital declines to comment," is the response we received.

Shares of Eastman Kodak are up 11 percent.

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