May 30, 2023

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Kellogg, Lennar, Spirit Airlines, etc.

Kellogg, Lennar, Spirit Airlines, etc.

Check out the companies making headlines before the bell:

Kellogg (K) — Kellogg jumped 8.1% in premarket trading after announcing plans to split into three separate public companies. One entity will include the international cereals and snacks business, the other will include the US cereals business and the third will be a pure vegetarian food product.

linar (LEN) — The homebuilder reported adjusted quarterly earnings of $4.69 per share, beating the consensus estimate of $3.96, with revenue also beating expectations. However, the company said it was beginning to see the impact of higher interest rates and rapidly rising home prices towards the end of the quarter.

Spirit Airlines (Save) – Spirit is up 8.1% in pre-market trading then Jet Blue (JBLU) Spirit’s takeover offer increased by $2 to $33.50 per share. Spirit plans to decide by the end of the month whether to stick to its merger deal frontier group (ULCC) or to accept the JetBlue offer. JetBlue rose 1.6%.

Mondelez (MDLZ) — Mondelez is buying power panel maker Clif Bar & Co for $2.9 billion, with the possibility of additional payments depending on financial results. The transaction is expected to close during the third quarter.

Valniva (VALN) — Valneva shares are up 81.8% in pre-market after that Pfizer (PFE) has agreed to buy an 8.1% stake in the French vaccine maker for more than $95 million. Pfizer and Valneva are already partners in a joint venture to develop treatments for Lyme disease.

Tesla (TSLA) — Tesla added 3.2% in pre-market activity after CEO Elon Musk provided more details about the planned job cuts announced earlier this month. Musk told Bloomberg that the company will cut the number of salaried employees by about 10% over the next three months, resulting in an overall reduction of about 3.5%.

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Twitter (TWTR) — In the same Bloomberg interview, Musk said there were still some unresolved matters about his deal to buy Twitter, including information about spam accounts and the completion of the deal’s financing. Meanwhile, a new SEC order from Twitter recommends shareholders to vote in favor of Musk’s offer of $54.20 per share. Twitter added 1.2% in Primarkt.

ExxonMobil (XOM) — ExxonMobil has been upgraded to “Superior” from “Neutral” at Credit Suisse, indicating Exxon’s investment in attractive oil and gas projects. Exxon Mobil added 2.6% in pre-market activity.

sunron (RUN) — The solar energy company’s stock rose 2.5% in premarket trading after Goldman said Sunrun remained the best way to invest in residential solar growth. Goldman Sachs has rated Sunrun a “buy” while downgrading the competitor The power of the sun (SPWR) to “sell” from “neutral”. SunPower is down 2.7%.

Charles Schwab (SCHW) — The brokerage was upgraded to “buy” from “neutral” at UBS, which called Schwab a quality well insulated from credit and market risk. Schwab shares jumped 3.3 percent in pre-market trading.