Kellogg Company (NYSE: K)
Kellogg Company was off to what seemed to be a relatively normal day in the market today. When the market opened, the stock was trading slightly in the green. From there, it took a run for the red before working to recover. However, minutes ago, the stock started spiking for the top. Below, we’ll talk about what we’re seeing from K, why, and what we’ll be watching for ahead.
What We’re Seeing From K
As mentioned above, Kellogg Company was off to what seemed to be a relatively normal trading session in the market early on. When the session opened, the stock was trading slightly up. However, it didn’t hold onto the gains as it fell immediately after the bell. From there, the stock worked to recover. However, minutes ago, that recovery quickly turned into gains as the stock started spiking. At the moment (10:15), K is trading at $72.63 per share after a gain of $0.34 per share (0.47%) thus far today.
Why The Stock Is Gaining
As is usually the case, as soon as the CNA Finance team received the alert from Trade Ideas that K was making a run for the top, we started digging to see exactly what was causing the movement. It didn’t take long to dig up the story. While we weren’t able to dig up fundamental news that would lead to such gains, we did find an interesting rumor in the social space.
At the moment, a rumor is surfacing in social media that Kellogg Company will soon be acquired. In the rumor, Coca-Cola is mentioned as the potential buyer of the company. At this point, the rumor has not been verified by either company and there’s really not much more by way of details. So, while the rumor seems like it could happen, don’t get your hopes up.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on K. In particular, we’re interested in learning more about this rumor and seeing if there is any validity to it. We’ll keep a close eye on the news and bring it to you as it breaks!
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[Image Courtesy of Flickr]