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

Barry Adams
21 Jun, 2022
New York City

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.