What Happened: Shares of packaged foods company Kellanova (NYSE:K) jumped 8.2% in the morning session after the company reported first-quarter results, which blew past analysts' organic revenue growth expectations. Its EPS also outperformed Wall Street's estimates. The topline endured headwinds driven by FX volatility as well as the divestiture of its business in Russia. On the other hand, its gross margin missed analysts' expectations, and its operating margin missed Wall Street's estimates. Zooming out, we think this was still a decent, albeit mixed, quarter, showing that the company is staying on track.
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What is the market telling us: Kellanova's shares are not very volatile than the market average and over the last year have had only one move greater than 5%.
Kellanova is up 5.7% since the beginning of the year, but at $61.02 per share it is still trading 14.7% below its 52-week high of $71.53 from May 2023. Investors who bought $1,000 worth of Kellanova's shares 5 years ago would now be looking at an investment worth $1,064.