Kellogg (K) – Kellogg jumped 8.1% in preliminary trading following the announcement of split plans in three separate public companies. One entity will include the international snack and cereal business, another the cereal business in the US and a third will be a purely vegetable food producer. Lennar (LEN) – The housing company reported an adjusted quarterly profit of $ 4.69 per share, exceeding the consensus estimate of $ 3.96, with earnings that also exceeded forecasts. However, the company said it was beginning to see the impact of higher interest rates and the rapid rise in house prices towards the end of the quarter. Spirit Airlines (SAVE) – Spirit jumped 8.1% in pre-market trading as JetBlue (JBLU) increased its takeover bid for Spirit by $ 2 to $ 33.50 per share. Spirit plans to decide by the end of the month whether to abide by its merger agreement with the Frontier Group (ULCC) or accept JetBlue’s offer. JetBlue rose 1.6%. Mondelez (MDLZ) – Mondelez buys energy bar maker Clif Bar & Co for $ 2.9 billion with possible additional payments depending on financial results. The transaction is expected to close in the third quarter. Valneva (VALN) – Valneva shares jumped 81.8% in the premarket after Pfizer (PFE) agreed to buy an 8.1% stake in French vaccine maker for more than $ 95 million. Pfizer and Valneva are already consortium partners in developing treatments for Lyme disease. Tesla (TSLA) – Tesla added 3.2% to pre-market action after CEO Elon Musk gave more details about the planned job cuts announced earlier this month. Musk told Bloomberg that the company will cut its payroll by about 10% over the next three months, resulting in an overall reduction of about 3.5%. Twitter (TWTR) – In the same interview with Bloomberg, Musk said there are still some unresolved issues regarding his deal to buy Twitter, including spam account information and finalization of the deal. Meanwhile, a new SEC deposit from Twitter urges shareholders to vote in favor of Musk’s $ 54.20 bid. Twitter added 1.2% to the premarket. Exxon Mobil (XOM) – Exxon Mobil upgraded from “neutral” to “neutral” at Credit Suisse, showing Exxon’s investment in attractive oil and gas projects. Exxon Mobil added 2.6% to pre-market action. Sunrun (RUN) – The solar company’s share rose 2.5% in pre-orders after Goldman said Sunrun remains the best way to invest in solar home development. Goldman rates Sunrun “market” while downgrading rival SunPower (SPWR) to “sell” from “neutral”. SunPower fell 2.7%. Charles Schwab (SCHW) – The stock company was upgraded to a “neutral” market at UBS, which called Schwab a quality name well isolated from credit and market risk. Schwab jumped 3.3% in preliminary trading.
