Kellanova Stock Jumps to Nearly 8-Year Highs

Analysts are chiming in with bull notes after buyout rumors

Laura McCandless

Deputy Editor

Aug 5, 2024 at 2:44 PM

MARX
K

Kellanova (NYSE:K) stock is bucking the broad-market selloff today, up 14.4% at $17.03 at last glance, earlier hitting a nearly 8-year high of $75.40. This bull gap comes after news that Mars (MARX), the maker of M&M's, Snickers, etc., is in talks to acquire the company. The remaining Kellanova business, after Kellogg spun off its cereal business into WK Kellogg 10 months ago, is worth nearly $27 billion and contains Pringles, Cheez-its, and its North American frozen food unit.

Several analysts chimed in with bull notes after the reports, with upgrades from Stifel, RBC Capital, and BNP Paribas. Per Stifel, the bid would "further validate the power of the brands."

So far in the options pits today, K has seen 13,000 calls and nearly 5,000 puts traded, 7 times its average daily options volume. The August 75 call is the most popular, with new positions being sold to open there.

It's worth noting that K could be due for a short-term correction after today's surge, especially as its 14-day relative strength index (RSI) of 79.4 sits in "overbought" territory.

Follow @Schaeffers

Are You Ready for AI's Potential Supercycle Phase?
Amazon's Jeff Bezos surprised investors when he revealed that one emerging technology is the key to Amazon's future success... This technology could be worth $80 trillion by 2030. Learn more and join Motley Fool's Stock Advisor for 50% off!

“Buy This Stock Now!” - Expert Who Called 11x On TSLA

He called a rare 11x on Tesla…

But now, thanks to Elon & Trump’s new alliance…

He says there’s a new opportunity that could be 1,000x BIGGER than Tesla – and it could completely revolutionize a $23 Trillion market.

It’s trading for less than $5 per share right now…

But it won’t be under the radar for long.

Discover The 1,000x Bigger Elon Opportunity Here

Featured Articles from Trusted Partners:

👀Learn How Dividends Create Passive Income for Life
Receive $200 Off Motley Fool Epic. The Motley Fool Epic $299 discounted offer is based on $499/year list price. Introductory promotion for new members only. Take control of your money and your portfolio with Motley Fool Epic.

💵New Income System Could Pay You $4,243 Monthly
You could collect an average of $4,243 per month starting as early as next week with a new payout system for income investors. New registrations are being accepted for investors who want to be in a position to start with their first payout next week.

🚀Easy 92% Crypto Dividends (No Coins Required)
COIN stock doesn't pay a dividend... But there's actually a new way to collect a massive dividend that's indirectly based on the stock and offers a terrific monthly income (currently yielding nearly 92% on a forward basis).

🤝Free Advisor Match with Wiseradvisor.com
Don't leave your retirement to chance! Get matched with a trusted financial expert for FREE and make the most of your tax refund. Get started now.

⚠️Dennis Quaid's #1 Warning for Americans
Here's the thing: life doesn't come with guarantees. The economy shifts, markets stumble, and years of hard work could slip through your fingers like sand. But it doesn't have to be that way for you. So request a free copy of this Gold & Silver Guide that will arrive right to your doorstep when you act now.