Here's Why Kellanova Stock Is Soaring Today While Most Stocks Are Falling Hard
Shares of Kellanova (NYSE: K) -- a collection of snack and food brands spun off from Kellogg less than a year ago -- are soaring on Monday even though it's a terrible day for stocks, generally speaking. The S 500 was down almost 4% as of 11 a.m. ET, which is an enormous single-day move for this large index. But Kellanova stock was up almost 14% because it could be an acquisition target.
According to Reuters, privately held Mars is interested in buying Kellanova. Mars is best known for its candy brands, including Snickers, Twix, M's, Skittles, and more. But its business isn't limited to candy; it has pet brands and food brands as well. Apparently, it believes Kellanova's brands such as Pringles and Cheez-It could be valuable additions to its portfolio.
Kellanova and Mars haven't made official statements yet. But rumor has it that Mars isn't the only interested party. David Faber, co-anchor of Squawk on the Street on CNBC, reported rumors that Hershey, , and PepsiCo are also sizing up Kellanova.
Source Fool.com
Mondelez International Inc. A Stock
The stock is an absolute favorite of our community with 28 Buy predictions and no Sell predictions.
With a target price of 73 € there is a slightly positive potential of 15.89% for Mondelez International Inc. A compared to the current price of 62.99 €.
