Diamonds and Dogs

6/21/22

Kellogg's (K) plans to split into three companies. The consumer staple is up 4% as the company plans to separate its North American cereal and plant-based foods businesses, via tax-free spin-offs, resulting in three independent public companies, each better positioned to unlock their full standalone potential. The three companies, whose names will be determined later.

American Airlines (AAL) is modestly lower as the airline will drop three US cities including Ithaca NY effective September 7th due to pilot shortage and maybe a lack of demand. Both Delta Connection and United Express serve Ithaca.

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