==Kellanova (K) to be acquired by Mars for $83.50/share

• Kellanova (K) to be acquired by Mars for $83.50/share in cash, or total consideration of $35.9 billion, including debt.

(Reuters) - Family-owned candy giant Mars is buying Cheez-It maker Kellanova (K.N), opens new tab in a nearly $36 billion deal, bringing together brands from M&M's and Snickers to Pringles and Pop-Tarts in the year's biggest deal to date.

Mars said on Wednesday it will pay $83.50 per share for Kellanova (K.N), opens new tab, representing about a 33% premium to its closing price on Aug. 2 before Reuters first reported that Mars was exploring a deal for the for the maker of frozen breakfast foods, such as Morningstar Farms and Eggo.

Kellogg's was split into two companies on October 2, 2023, with WK Kellogg Co owning the North American cereal division, and the existing company being rebranded to "Kellanova", owning snack brands such as Pop-Tarts and Pringles alongside the international cereal division. The purpose of the split was to separate the faster growing convenience food, and international cereal products market, from the slower growth North American cereal market. "Kellogg's" itself became a brand name of both companies.

Unusual Options Activity, Mon 6/12/23

The following options are exhibiting notable trading, potentially indicating changing sentiment toward the underlying stocks, and/or potentially representing positioning for increased volatility.

Bullish Call Activity:

• NCLH Jun 18 calls are seeing interest with the underlying stock up 8% (volume: 7610, open int: 330, implied vol: ~60%, prev day implied vol: 44%). Co is expected to report earnings early August.
• SAVE Jul 17.5 calls (volume: 2100, open int: 230, implied vol: ~34%, prev day implied vol: 25%). Co is expected to report earnings early August.
• K Jun 65 calls (volume: 3500, open int: 0, implied vol: ~25%, prev day implied vol: 17%). Co is scheduled to present at a Evercore conference on Thursday, June 15. Co is confirmed to report earnings August 3 before the open.
  

Bearish Put Activity:

• ZION Jun 31 puts (volume: 1990, open int: 170, implied vol: ~77%, prev day implied vol: 55%). Co is scheduled to present at a Morgan Stanley conference tomorrow. Co is confirmed to report earnings July 19 after the close.
• DAL Jun 39.5 puts (volume: 2570, open int: 710, implied vol: ~34%, prev day implied vol: 29%). Co is expected to report earnings mid-July.
  

Sentiment: The CBOE Put/Call ratio is currently: 0.84, VIX: (14.52, +0.69, +5.0%).
This week is options expiration -- Friday, June 16th is the last day to trade June equity options.

Kellogg (K) announces split into two independent companies

BATTLE CREEK, Mich. — Just under a year after the Kellogg Company announced its plans to split into three independent companies, the cereal giant formally announced Wednesday it will split into two companies.

The company announced it will split into the following:

• Global snacking business to be named Kellanova (K)

• North American cereal business to be named WK Kellogg Co. (KLG)

The Kellogg's brand is to remain on product packaging of both companies around the world, according to the press release.

WK Kellogg Co. is set to be the food company in the U.S., Canada, and Caribbean, carrying the brand-names that includeKellogg's, Frosted Flakes, Froot Loops, Mini-Wheats, Special K, Raisin Bran, Rice Krispies, Corn Flakes, Kashi, and Bear Naked, according to the news release.

Kellanova was described as the "global snacking powerhouse," expected to include brands likePringles, Cheez-It, Pop-Tarts, Kellogg's Rice Krispies Treats, MorningStar Farms, Incogmeato, Gardenburger, Nutri-Grain, RXBAR, and Eggo, the release states.

Kellogg (K) reported earnings on Thur 5 May 22 (b/o)

 ** charts after earnings **

** 1 month later  **

Kellogg beats by $0.17, beats on revs, raises FY22 organic net sales growth guidance, affirms adjusted EPS growth guidance on currency-neutral basis

• Reports Q1 (Mar) earnings of $1.10 per share, $0.17 better than the S&P Capital IQ Consensus of $0.93; revenues rose 2.5% year/year to $3.67 bln vs the $3.59 bln S&P Capital IQ Consensus.
• Organic new sales up 4.2%.
• Kellogg North America's reported net sales in the first quarter declined by less than 1%, as growth momentum in snacks and positive price/mix from revenue growth management actions were offset by volume declines related to lapping strong 2-year comparisons and to supply disruptions, most notably low cereal inventory stemming from last year's fire and labor strike.
• Kellogg Europe's first quarter reported net sales increased 2%, as price/mix growth more than offset a modest volume decline related to lapping strong 2-year comparisons, and significantly adverse currency translation. 
• Kellogg Latin America's first quarter reported net sales increased 8%, as price/mix growth more than offset a decline in volume against a strong year-earlier gain, and additionally aided by favorable currency translation.
• Full-Year Financial Guidance: Raises its guidance for organic-basis net sales growth to approximately 4%, from its prior guidance of approximately 3%. Affirms its guidance for adjusted-basis operating profit growth of 1-2% on a currency-neutral basis. Affirms its guidance for adjusted-basis earnings per share growth of 1-2% on a currency-neutral basis.

Earnings this week : May 2 - 6, 22 (wk 18)

Monday (May 2)

• Morning:  AMG AKTS CNA NPO EPD FSS GPN GPRE INMD ITRI JELD MCO ON PK SAIA TKR WEC
• Afternoon: ADUS AGNC AMKR ANET CAR NTB BIGC BXP BRX CBT CDLX CHGG CC CLX CNO CTRA CACC DVN FANG PLOW EVER EXPE FN FLS FMC FRPT HLIT JJSF KMPR KMT KFRC LEG LOGI MED MGM MPWR MOS MWA NE NTR NXPI OHI OGS ORA OTTR OUT QTWO RMBS RHP SANM SEDG RIG VRNS VNOM VNO WMB WWD ZI

Tuesday (May 3)

• Morning: AGCO AME ARNC ATKR BIIB BPMC BP BR CTLT CNP CMS CNHI CIGI CVLT CMI DK DD DEA ETN ETRN ESPR EL AQUA EXPD FIS BEN IT GEO HSC HSIC HLT HWM ITW INCY IPGP ITT KKR KYMR LEA LDOS LGIH LPX MPC MLM MTOR TAP MPLX NNN NRZ PARA PFE PINC PEG RDWR QSR ROK SPGI SABR SAGE SPNS SMG SEE SMP TEVA TRI TRTN VSH WAT WLK XHR ZBRA ZBH
• Afternoon:  ACHC AMD ABNB AKAM AYX AMCR AIG AIZ ATRC BTG BNFT BLKB BFAM CZR CWH CRUS CRK CNDT DENN DEI EIX EHTH ENVA EXR FRSH FLGT THG PEAK HLF HURN IAG INFN IOSP INSP NVTA JKHY KAI KAR LSCC LFUS LTHM LYFT MTW MASI DOOR MTCH MATX MRCY MSTR MUSA OSH OKE OSPN ONTO OMI PAYC PEN PKI PUMP PRO PRU PTCT PSA LUNG RDN RRR REG RNR REZI RVLV SPNE SCI TSLX SWKS SRC SPT STAG SBUX SMCI VREX VRSK VIAV VVNT VOYA WTI WCN WTS WERN WK YUMC

Wednesday (May 4)

• Morning:  ATI AMRN ABC AMRX APG ASTE AVNS AVA GOLD BDC TECH BCOR BWA BHG EAT BIP BRKR CSII CDW FUN CRL LNG CQP CLH CRTO CVS DIN EDIT EMR EVOP EXPI RACE FTS FDP GTES GNRC GEL THRM ROCK HZNP IDXX IONS JHG JCI LIVN LL LITE MAR MFA MRNA MUR NBIX NYT NI NWN OTLY ODP PCRX PSN DOC PNW REGN SBGI SITE SPR STWD SUN TT TUP UTHR VCEL VMC WING XYL YUM
• Afternoon:  TXG ONEM ACAD ADPT ADTN AEIS ALB ALGT ALL AEL AFG AMPL ANSS APA ATO ACLS BAND BKH BKNG WHD CPE CDAY CF CHK CCMP CDE CTSH CNMD CLR CXW CTVA CCRN CW CYTK DCP DGII DOCN DIOD EBAY LOCO ECPG ET NVST EPR EQC ETSY FSLY FATE FSR FLEX FTNT FNV GFL GIL GKOS GBT GDDY LOPE GXO HST TWNK ICFI NARI IR NGVT IIPR INSG IRBT JAZZ KW KLIC LPI LHCG LSI LGND LNC LUMN MGNI MANT MRO MMS MDU MET MTG MRTX MNTV NSA NVRO NMIH NUS NUVA OTEX ONL OCDX ORCC PACB PLMR PAY PDCE PETQ PING PXD PAA PCOR QRVO QLYS QDEL QNST RPD RYN O RGNX RCII RLJ RPT RSI SRPT SEER SIGI SGFY SIMO SILK SITM SKLZ SAVE SFM SPXC STAA SRI STOR RGR SUM RUN SHO TNDM TTEK THRY TMST TRIP TTEC TTMI TPC TWLO TWO UBER UDMY UGI UPLD VAPO VICI VMEO WOLF

Thursday (May 5)

• Morning: ACIW GOLF ADNT ADT AGIO APD ALE AMCX BUD APO APTV MT ARW AAWW BLL BALY BCE BDX BERY BV CRC CCJ CAH CARS CBRE CIM IMOS COMM COP CROX DDOG DLX XRAY DBRG D DFIN ESMT EPAM EVRG ES FRT FOCS GOGO HAIN HBI HR HII IDA INGR NSIT INSM IBP NTLA ICE IDCC IRWD K KTB LAMR LANC TREE LXP MMP MODV NTCT NFE NKLA NJR DNOW OGE OGN PZZA PH PENN PTLO PWR RCL SBH SEAS SLQT SRE FOUR SHOP SWI SHC TMX BLD TRMB USPH UNIT VSTO VNT WD W WCC WRK ZTS
• Afternoon:  AAON ATGE AES AL ATSG ALRM ALKT Y MDRX AOSL ALTR AEE AMH COLD AMN APPN AVLR AVDX AXNX BGS BILL BL SQ BE BCC CABO CMBM CDNA CERT CHUY CLNE NET CDXS CGNX CODI CMP ED CFLT CRSR CYRX CWK DVA DRH BOOM DLB DASH DBX ENDP ENV EOG FLT FND FOXF FRG FTDR FUBO FNKO G GPRO GDOT GDYN GH HTGC HMN HUBS ILMN INGN PODD IOVA IRTC KTOS LESL LYV LCID MRVI VAC MTZ MCK MAX MELI MTD MNST MP NFG NWSA LASR NLOK LPRO OPEN OEC PYCR PCTY PBA PFSI PRDO PLYA POST PBH PRI PGNY PBYI KWR RDFN RGA RSG SAIL SGMO SEM SHAK SPWR SG SYNA TRHC SKT TDC TXRH TVTY TPIC TVTX TWST RARE OLED UNM VLDR VTR VRTX VRAY VIR SPCE HCC WPM WISH WWE WW XNCR YELP ZG ZIMV

Friday (May 6)  

• Morning:  ACMR AXL ABR BKI BEP ECOM CI CNK ROAD ENB ESNT FLR FYBR GT GTN IEP IMGN TILE KOP NRG PRLB QRTEA SSP SPB FLOW TU UAA
• Afternoon:  BLDP WPRT

Kellogg (K) reported earnings on Wed 31 Oct 18 (b/o)

** charts after earnings **

 

Kellogg misses by $0.01, beats on revs; raises CC net sales growth outlook, slashes CC Adj-EPS outlook 

Reports Q3 (Sep) earnings of $1.06 per share, excluding non-recurring items, $0.01 worse than the S&P Capital IQ Consensus of $1.07; revenues rose 6.9% year/year to $3.47 bln vs the $3.43 bln S&P Capital IQ Consensus.

Updated Outlook:

• Increased net sales growth outlook to approximately 5% on a currency-neutral basis (Prior 4-5%). This guidance is the high end of the Company's previous guidance range, and it still includes a negative impact of 1% from U.S. Snacks' DSD transition, including its list-price adjustment and rationalization of SKUs. The improved guidance reflects improved net sales and consumption trends.
• Reducing adjusted earnings per share growth outlook to +7-8% on a currency-neutral basis (Prior 11-13%). This revision is driven by the reduction in adjusted operating profit guidance, partially offset by year-to-date favorability in effective tax rate that brings the full-year rate to the low end of previous guidance.
  • Operating profit growth in the fourth quarter will be restrained by similar factors experienced in the third quarter: Increased investments and continued mix shifts and costs as the Company expands its co-packed pack formats.

Earnings this week : Oct 29 - Nov 2, 18 (wk 44)

Headlining earnings this week will be Facebook (FB) on Tuesday and Apple (AAPL) on Thursday. Other notable earnings reports include General Electric (GE), Pfizer (PFE), and Coca-Cola (KO) on Tuesday, General Motors (GM) on Wednesday, Starbucks (SBUX) on Thursday, and Alibaba (BABA) on Friday.

Monday (Oct 29) 

• Morning: FDC YNDX BAH ON AMG CDAY RAMP WFT
• Afternoon:   AEIS AKAM ALSN AMED AMKR APPF APTI ARE AVB AXGN BLKB BRX CACC CBL CGNX CHE CHGG CLR CYH EFII EGHT EHC ELVT EPR ESV FCPT FET FTSI HIIQ HLIT HTLF INST KAI KBR KLAC KNL MDLZ MEDP NLS OFIX OGS OLN PI QGEN QTNA QTS RE RIG RMBS SANM SCI SSD TCO TKR TNET TREX TXRH UDR VNO VNOM VRNS WCN WING

Tuesday (Oct 30)

• Morning:  CHK + ACCO AER AET AGCO AGN AMRC AMT AN AOS ARII ARNC ARRY AWI BHGE BKI BP BPMC BTU CEQP CIGI CMCO CMI CNX CNXM CTSH CVLT EAT ECL ERJ ETN EXP FCAU FDP FIS FLIR FLOW FMS FUN GE GPN GWR HCA HEP HMC HUN HZO I INCY IPGP IPI KEM KO LL LYB MA MAS MSM NEO NTLA OXSQ PEG PFE SABR SHOO SNE SQNS SSTK ST TECH TPR TRS UAA VMC VNTR VSH WAB WCG WDR WELL WH WLH XYL
• Afternoon: ACGL AEGN AFG AINV AMGN APAM APC BAND BEAT BGS BHE BIDU BJRI BXP CAI CAKE CHRW CLVS CONE CRAY CW CXO DDD DENN EA EBAY EIX EVTC EXAS EXR FB FEYE FLT GNW H HABT HCLP HLF HURN HVT HY INN IQ IRTC LNTH MDR MGM MGRC MOBL MOD MRCY MX MXIM MXL NANO NBR NCR NGHC NTRI NUVA NXGN OI OKE ORBC OSPN PAYC PDM PSA QLYS QNST QUAD RBBN REXR RNR RPAI RRD RXN SF SFLY SIMO SKYW SPWR SSW TCS TENB TMUS TTMI TX ULTI VOYA VRSK WES WGP WIRE WLL WNC XLRN YUMC ZEN

Wednesday (Oct 31)

• Morning: ACOR ADP AEE AIT ANTM APO APTV ARCC AUO BAX BCOR BDC BG CAMT CBZ CDW CG CIM CLH CLX CRTO CVE DBD DIN EGL EL EPD ETR GM GNC GRMN HCP HES HFC HSC IART ICE ICPT IGT K KFRC LFUS LIVN MAXR NEWM OMI ORBK PBF PBFX RDC RDN S SAIA SC SITE SNY SPAR SPR STNG TAP TEL THR TMHC UTHR WD WEC WEX YUM    
• Afternoon: ADSW AGI AIG ALL AMGP AMN APA AR ATH AWK AXTI BLDP CACI CDE CF CLI CMP CNO CRY ENSG ESRT ESRX FARO FISV FIT FORM FOXF FRAC FRT HBM HCC HGV HPR JBT KIDS KRG KW LHCG LSI MAA MAC MASI MDU MOH MRC MTDR MUSA MYRG NE NEXA NFX NLY NPO NXPI O OMF OTEX PKI PPC PRAH QRVO RGLD RGR RPT RYN SOI SSNC STAY STMP SU THG TS TUSK TYL WHD WMB WPX WTI XPO ZNGA

Thursday (Nov 1)

• Morning: ECA   AAON AAWW ABMD AGIO ALE AMAG AMCX AME AMRN ARES AROC ARW AVP AYR BCE BID BLL BMCH BSIG CBRE CCOI CEIX CHD CHSP CI CJ CNQ CNSL CRAI CWT D DM DNOW DWDP EEX EGRX EPAM EXC EXLS FBM FLWS FND GEL GIL GLOG GLPI GNRC GOLF HBI HPP IBP ICL IDA IDCC IDXX IIVI INAP INGR INXN IPHS IT ITGR JHG LCII LITE LXRX MD MDC MGP MGPI MIXT MMP MPC MPW MSCI MSG MT NBL NI NSP NTCT NVMI NYT OSK PAH PBH PBI PENN PH PPL PRFT PWR RDS.A ROCK SEE SFM SHPG SN SNDR SNR SPOT SSYS STFC STOR TEVA TFX THS TPX TREE TRP TVPT UFS USCR USPH VECO VSAT VSTO W WCC WRLD WYND YRCW ZTS 
• Afternoon: AAPL ACIA ACLS AGI AIRG AIV ALEX AMH ANET AOSL APPN ARCB ATGE ATHN ATR ATRC ATSG BCOV BFAM BIO BL BLDR BNFT BRKR BVX CARB CATM CBPO CBS CC CCRN CECO CERS CHEF CPS CPSI CRC CRUS CTRL CWST CZR DEI DHT EBS ECOL ED EEP EGOV ELGX EOG EQIX ERII ES EXEL FATE FICO FLR FTAI FTNT GPRO GSAT GSBD GTE HR HST HTGC ICFI IMMR IPHI KAMN KHC KTWO KWR LADR LHO LNC LOCO LYV MDRX MELI MET MITK MSI MTX OLED P PACB PBA PBYI PCTY PE PEB PETX PK PMT PODD RMAX ROG RP RTEC RTRX RYI SBUX SEDG SEM SHAK SHLX SKT SM SPXC SRCL SRG STAG SYMC TDC TDOC TEX TNDM TRMB TRQ TSRO TTOO UNIT USX VIAV VICI WIFI WTW WU X Y 

Friday (Nov 2)

• Morning:  ABBV ABR ASIX AXL BABA BPL CBOE CCJ CNK COL CVX DOC DUK EAF ENB EXTR FTS HMSY HRC IMGN IMO ITT MDP MOG.A MSGN NPTN NWL RLGY ROLL RUTH STX TDS TGH TRTN TWI TYPE USM VG VIRT VST WLTW WPC XOM

Kellogg (K) reported earnings on Tue 31 Oct 17 (b/o)

** charts before earnings **

 

** charts after earnings **

 

Kellogg beats by $0.11, beats on revs; reaffirms FY17 EPS above consensus, revs below consensus 

• Reports Q3 (Sep) earnings of $1.05 per share, excluding non-recurring items, $0.11 better thanthe Capital IQ Consensus of $0.94; revenues rose 0.6% year/year to $3.27 bln vs the $3.22 bln Capital IQ Consensus.
• Co reaffirms guidancefor FY17, sees EPS of $4.03-4.09, excluding non-recurring items, vs. $3.97 Capital IQ Consensus Estimate; continues to see FY17 revs declining (3%), which equates to ~$12.62 bln vs. $12.73 bln Capital IQ Consensus Estimate
• The co also affirmed its guidance for 2017 cash flow. Specifically, it forecasts cash from operating activities should be approximately $1.6-1.7 billion, which after capital expenditure translates into cash flow of $1.1-1.2 billion.
• "We are encouraged that we remain on track to deliver on our 2017 financial guidance, even amidst challenging industry conditions," added Mr. Cahillane. "Going forward, strong productivity programs give us good visibility into cost savings, and we will continue to transform and drive this business back to top-line growth."