Rumors that Mars would buy Kellanova (K), formerly Kellogg, proved true. Mars wants to buy the firm for $35 billion. The stock closed at $80.28 and a $25.50 billion market capitalization. This discount to the bid reflects the market’s debt that regulators will not block the deal.
Mars must convince the government that this is not an antitrust risk.
Expect K stock to trade higher today.
Insurance firm Allstate (ALL) may add to yesterday’s 5.23% gain. StanCorp Financial will acquire Allstate’s employer voluntary benefits business. It is offering $2 billion and establishing a product distribution partnership.
Albemarle (ALB) will soon earn the worst-performing stock title on the S&P 500. The firm posted a ~ 40% Y/Y drop in revenue. It lost $188 million in the last quarter.
This stock could keep falling just like SolarEdge (SEDG) did. Lithium prices are showing no signs of rebounding. The EV market is unhealthy, hurt by high prices, low demand, and a decline in government tax incentives.
In the retail sector, be wary of Etsy (ETSY). The firm allowed cheap Chinese goods to pollute the site, hurting its reputation. ETSY stock was one of the biggest decliners during Japan’s Black Monday, August 5, 2024. It joined Walgreens Boots (WBA), Intel (INTC), and Nvidia (NVDA) that day.
