6/21/22

A famous cereal brand is splitting up. And a “cost of living offer” backfires for Rolls Royce. A positive day on Wall Street, but here’s a rough stat. The stock market is set for its worst half-year performance since 1932.

The Dow gained 641 points, over 2%, to close at 30,530.
The Nasdaq jumped 2.5%, up 270 on the day.
The S&P also gained 2.5%, finishing up 89 points.

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Kellogg is splitting into 3 public companies. The 116-year-old company will have a cereal unit, a snack unit, and plant-based foods unit. Shares rose about 3% on the news. All three divisions in the major shake-up get names next year.

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Twitter’s board of directors endorses Elon Musk’s takeover bid, and is recommending the board agree to the $44 billion deal. Twitter will hold a special shareholder meeting to make it official in the coming months.

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Car and engine maker Rolls Royce decided to give 14,000 members of its labor union $2,500 cash to help with living costs. Today, the labor union said “no thanks.” They say it falls way too short of what they need and expect. The negotiations continue.

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From Los Angeles, I’m Brian Martin with your BEONDTV After the Bell report.