Analysis: K KLG PEP

We will remove the shares of Kellogg (K) from the Bullpen as today the company split into Kellanova (K) and WK Kellogg (KLG) .

So far, we would sum up the market's reception to this split into two as snap, crackle, drop. When Kellanova reports its quarterly results, we'll be picking through the results of the snacking business as a peer from PepsiCo's (PEP) snacking biz. While we have no dog in the breakfast cereal fight, it could be an interesting category if data points to a far greater slowdown in the economy. As of now, the Atlanta Fed GDPNow figure for third quarter of 2023 stands at 4.9%, but we'll be sure to check back later this week when the model is updated Thursday morning.

AAP is long PEP.