Katherine Ross

Apple reports earnings Thursday, July 30.

Jim Cramer was asked by a commentator on Street Lightning, "What is the likelihood that Apple will suffer a severe pullback even with a great earnings report like some of the other great companies did?"

Cramer wondered aloud whether or not the market is in a broader selloff mode. 

Then he noted the action in Kodak. 

In case you missed it, Eastman Kodak is shifting its business model towards drug production. The former photography giant has been granted a $765 million government loan to boost the production of a variety of drugs.

Kodak currently makes print and advanced materials and chemicals.

The government loan is from the Defense Production Act, and must be repaid over 25 years. The loan was previously used to speed the production of supplies such as ventilators.

Kodak expects its pharmaceutical work to become 30% to 40% of its business, according to the Wall Street Journal.

Since the news broke earlier this week, Kodak shares are up over 1,200% in the past five days.

However, in intraday trading Thursday, the stock was down substantially.

Watch the video above for more from Cramer. 

You can follow Katherine Ross on Twitter at @byKatherineRoss.

Read more from Katherine Ross here.

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