Movers: Clif Bar, Kellogg, Lennar, Mondelez, Spirit Air, Tesla, Valneva

  • Barry Adams
  • U.S.A. New York City
  • Jun 21, 2022
  • Kellogg announced its plan to split its international and plant food businesses. Mondelez agreed to acquire Clif Bar & Co for $2.9 billion. JetBlue lifted its offer for Spirit Air. Lennar reported higher than expected sales and earnings.

    Kellogg Company gained 2.6% to $69.30 after the food products maker said it plans to split into three separate companies.

    North America cereal company with about total sales of $2.4 billion covering the U.S, Canada, and Caribbean. 

    Global snacking company with about total sales of $11.4 billion covering international markets for cereals and North American frozen food businesses. 

    Plant Co with about total sales of approximately $340 million focus on plant faced food and anchored with the MorningStar Farms brand. 

    Lennar Corp jumped 2.5% to $66.41 after the home builder reported better-than-expected sales and higher-than-expected adjusted earnings of $4.69 a share. 

    The home builder said that the home demand began to soften towards the end of the quarter by higher home prices and rising mortgage rates. 

    Mondelez International Inc gained 1.3% to $59.57 after the company agreed to acquire Clif Bar & Co. for $2.9 billion and additional earnings contingent payouts. 

    Clif Bar & Company will continue to operate its business from its headquarters in Emeryville, CA and manufacture its products in its facilities in Twin Falls, Idaho, and Indianapolis, Indiana.

    Spirit Airlines advanced 7% after JetBlue lifted its offer price to $33.50 a share as the company board discusses its merger plans with Frontier Air. 

    Tesla Inc soared 11.4% to $724.79 after CEO Elon Musk confirmed in an interview with Bloomberg News that the automaker is planning to cut 10% salaried staff or 3.5% of total over the next three months. 

    Valneva SE ADR soared 89.5% to $25.98 after Pfizer agreed to acquire 8.1% stake in France-based specialty vaccine maker for $95 million. 

     

Annual Returns

Company Ticker 2025 2024 2023
Kellogg Company K 0% 45% -24%
Mondelez International Inc MDLZ 0% -18% 7%
Spirit Airlines Inc. SAVE 0% -82% -19%
Lennar Corporation LEN -1% -9% 67%
Tesla Inc TSLA -12% 74% 48%
Valneva SE VALN 16% -60% -27%