Hot Stocks: K gained on split up news, FANG rose on dividend increase, LEN also trends higher while RADA declines
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In early market trading investors watch the share price of Kellogg Company (NYSE:K) trend upward after the stock publicized its plan to split into three different companies. At the same time shares of Diamondback Energy (NASDAQ:FANG) are up after the energy firm announced plans to increase its dividend.
Lennar Corporation (NYSE:LEN) is also off to a positive start after topping FQ2 Non-GAAP EPS and revenue expectations. Meanwhile, shares of RADA Electronic Industries Ltd. (NASDAQ:RADA) dipped on merger news.
Gainers
Kellogg Company (K) popped 6.5% in early trading after the multinational food manufacturing firm announced that it will split up into three separate companies focused on snacks, cereal, and plant-based foods, respectively.
Diamondback Energy (FANG) trended into the green during Tuesdayâs premarket trading by 2.7% as the organization announced its intention to increase its base dividend to $3.00 per common share annually beginning 2Q22, representing a 7.1% increase from prior annual base dividend of $2.80 per share.
Shares of Lennar Corporation (LEN) are +2.8% before the opening bell as LEN delivered a beat on FQ2 Non-GAAP EPS and revenue. LEN announced FQ2 Non-GAAP EPS of $4.69, which topped estimates by $0.74 and also surpassed revenues by $270M.
Decliner
RADA Electronic Industries Ltd. (RADA) declined 3% to start Tuesday after RADA and Leonardo DRS have entered into an agreement to merge into a combined public company, pursuant to which RADA will become a wholly-owned subsidiary of Leonardo DRS.
Market participants that are in search of Wall Streetâs most significant daily gainers and losers should look to analyze Seeking Alpha's On The Move section.