Kodak’s Stock Jumps on Hopes for Restructuring : Wall Street: Investors are betting that the company is finally ready to take actions needed to restore profitability.

Eastman Kodak Co.’s stock jumped Monday amid hopes on Wall Street that the photo giant is about to follow through on promises to improve its recent lackluster performance.

Kodak’s stock closed up $2.625 per share to $53.75 on the New York Stock Exchange.

After the market closed Friday, the struggling photo, chemical and health care company scheduled meetings for today with analysts and reporters in New York. Kodak officials will not disclose the topic of the sessions, but analysts said they expect details of a company overhaul promised earlier this year by Chairman Kay R. Whitmore.

“The stock price movement is clearly linked to tomorrow’s meeting, the expectation being we will have some of the elements of the turnaround plan presented to investors,” said Jack Kelly, an analyst at Goldman, Sachs.

He cited the last-minute notice, Whitmore’s promised presence at the meeting and the chairman’s earlier pledge to release a detailed plan for an overhaul by September.

Analyst James Joyce of First Albany Corp. said he expects an announcement today of either a major asset sale or details of the promised restructuring.

“Analysts have been hoping for the company to undo some of the acquisitions made in the 1980s,” he said. He also speculated Kodak might introduce a new chief financial officer to replace Christopher Steffen, who resigned abruptly in April after only three months on the job.

The company, struggling against poor profit and high debt, cheered investors in February by hiring Steffen, a former Honeywell executive, as chief financial officer.

Steffen’s abrupt resignation sent stock prices down again and caused speculation that Kodak management wasn’t willing to make cuts as deep as Steffen sought to restore profitability.

At Kodak’s annual meeting in May, Whitmore outlined a plan to shrink the company and narrow its focus to sales of consumer products such as film, paper and photo compact discs. Whitmore said Kodak would divest some of its businesses and lay off employees, but he refused to release details.

Whitmore also said the company was committed to higher earnings this year and record earnings in 1994. He promised greater cash flow to be used to reduce the company’s $9.4-billion debt.

Kelly, who said he began recommending Kodak stock to investors several weeks ago, said the company may now be willing to make the drastic changes necessary to restore profitability and lower debt.

“The loss of Mr. Steffen was that he was a catalyst for change within the organization,” he said. “When he left, investors spoke up and the outside board of directors took a more active role, and that more than made up for his departure.”