Kellogg stock soars 8% on strong Q1 earnings

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Kellogg (K.US) stock surges more than 8% after the leading worldwide manufacturer and marketer of ready-to-eat cereals posted upbeat quarterly figures. Kellogg earned $1.11 per share well above analysts’ expectations of 96 cents per share. Revenue of $3.58 billion also beat market estimates of $3.38 billion, helped by growth internationally. The company also raised its full-year guidance. Kellogg forecasts sales growth to finish 2021 nearly flat year-on-year, while previously the company expected 1% decline. Earnings per share is expected to rise in the region between 1% to 2%, compared to the previous forecast of a 1% rise.

Kellogg (K.US) stock launched today’s session with a bearish price gap and rose sharply following the release of Q1 2021 earnings report. Currently stock is testing major resistance at $67.85. Should break higher occur, upward move may accelerate towards next resistance at $71.65. On the other hand, if the bullish momentum wears off, then nearest support to watch lies at $65.00. Source: xStation5

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