<p>家乐氏（K 14.32%）的股票——这是不到一年前从 <strong>Kellogg</strong> 分拆出来的一系列零食和食品品牌——尽管股市整体表现糟糕，但周一股价飙升。截至美东时间上午 11 点，<strong>标普 500 指数</strong> 下跌了近 4%，对于这一大型指数来说是一个巨大的单日波动。但家乐氏股票上涨了近 14%，因为它可能成为一个收购目标。</p>
<h2>家乐氏突然引起关注</h2>
<p>据路透社报道，私人持有的 Mars 公司有意收购家乐氏。 Mars 以其糖果品牌而闻名，包括士力架、Twix、M&amp;M's、彩虹糖果等。但其业务不仅限于糖果；它还拥有宠物品牌和食品品牌。显然，它认为家乐氏的品牌，如薯片和奇趣饼干，可能成为其投资组合中有价值的补充。</p>
<p>家乐氏和 Mars 尚未发表官方声明。但有传言称，Mars 不是唯一感兴趣的买家。CNBC《街头狂欢》节目的联合主持人 David Faber 报道称，<strong>好时</strong>、<strong>Mondelez</strong> 和 <strong>百事可乐</strong> 也在考虑收购家乐氏。</p>
<p>可以肯定的是，家乐氏的投资组合包括一些全球最知名的品牌，因此吸引力并不令人意外。但潜在买家可能需要支付溢价，这就是为什么股价在传闻中上涨的原因。</p>
<h2>家乐氏是个便宜货吗？</h2>
<p>随着今天股价的飙升，家乐氏现在的市盈率接近 27 倍，这可能超出了收购时的价值。考虑到该业务增长缓慢。虽然它正在成功地努力获得经营杠杆，但对于一个增长缓慢的企业来说，这仍然是一个高价。</p>
<p>家乐氏是一家稳健的企业，我可以看到最终可能会达成交易。但投资者应该记住，收购传闻只是传闻。如果交易未能实现，股价很可能会轻易回到之前的水平。</p>
<p>如果我是家乐氏的股东，我会继续持有——企业的基本情况没有改变。但作为旁观者，我不会购买股票，希望收购会进一步推高股价。这可能是一场风险较高的投机游戏。</p>

家乐氏

<p>家乐氏旗下的零食和食品品牌集合公司家乐氏股价飙升，尽管股市表现疲软。有传言称，马氏、好时、蒙迪利兹和百事可乐有意收购家乐氏，因为其拥有的品牌价值巨大。然而，投资者应谨慎，因为收购传言可能不会成真。对于一个增长乏力的企业来说，高价收购可能并非划算</p>

<p>Shares of <strong>Kellanova</strong>(K 14.32%) -- a collection of snack and food brands spun off from <strong>Kellogg</strong> less than a year ago -- are soaring on Monday even though it's a terrible day for stocks, generally speaking. The <strong>S&amp;P 500</strong> was down almost 4% as of 11 a.m. ET, which is an enormous single-day move for this large index. But Kellanova stock was up almost 14% because it could be an acquisition target.</p>
<div class="lb-trans"><p>家乐氏（K 14.32%）的股票——这是不到一年前从 <strong>Kellogg</strong> 分拆出来的一系列零食和食品品牌——尽管股市整体表现糟糕，但周一股价飙升。截至美东时间上午 11 点，<strong>标普 500 指数</strong> 下跌了近 4%，对于这一大型指数来说是一个巨大的单日波动。但家乐氏股票上涨了近 14%，因为它可能成为一个收购目标。</p>
</div><h2>Kellanova is suddenly attracting attention</h2>
<div class="lb-trans"><h2>家乐氏突然引起关注</h2>
</div><p>According to Reuters, privately held Mars is interested in buying Kellanova. Mars is best known for its candy brands, including Snickers, Twix, M&amp;M's, Skittles, and more. But its business isn't limited to candy; it has pet brands and food brands as well. Apparently, it believes Kellanova's brands such as Pringles and Cheez-It could be valuable additions to its portfolio.</p>
<div class="lb-trans"><p>据路透社报道，私人持有的 Mars 公司有意收购家乐氏。 Mars 以其糖果品牌而闻名，包括士力架、Twix、M&amp;M's、彩虹糖果等。但其业务不仅限于糖果；它还拥有宠物品牌和食品品牌。显然，它认为家乐氏的品牌，如薯片和奇趣饼干，可能成为其投资组合中有价值的补充。</p>
</div><p>Kellanova and Mars haven't made official statements yet. But rumor has it that Mars isn't the only interested party. David Faber, co-anchor of <em>Squawk on the Street</em> on CNBC, reported rumors that <strong>Hershey</strong>, <strong>Mondelez</strong>, and <strong>PepsiCo</strong> are also sizing up Kellanova.</p>
<div class="lb-trans"><p>家乐氏和 Mars 尚未发表官方声明。但有传言称，Mars 不是唯一感兴趣的买家。CNBC《街头狂欢》节目的联合主持人 David Faber 报道称，<strong>好时</strong>、<strong>Mondelez</strong> 和 <strong>百事可乐</strong> 也在考虑收购家乐氏。</p>
</div><p>To be sure, Kellanova's portfolio includes some of the best-known brands in the world, so the attraction isn't surprising. But potential buyers would likely have to pay a premium, which is why the stock is up today on the rumors.</p>
<div class="lb-trans"><p>可以肯定的是，家乐氏的投资组合包括一些全球最知名的品牌，因此吸引力并不令人意外。但潜在买家可能需要支付溢价，这就是为什么股价在传闻中上涨的原因。</p>
</div><h2>Is Kellanova a bargain?</h2>
<div class="lb-trans"><h2>家乐氏是个便宜货吗？</h2>
</div><p>With today's jump in price, Kellanova now trades at almost 27 times earnings, which may be pushing what it would be worth in an acquisition. Consider that the business is low growth. And while it is successfully working to gain operating leverage, that's still a high price for a low-growth business.</p>
<div class="lb-trans"><p>随着今天股价的飙升，家乐氏现在的市盈率接近 27 倍，这可能超出了收购时的价值。考虑到该业务增长缓慢。虽然它正在成功地努力获得经营杠杆，但对于一个增长缓慢的企业来说，这仍然是一个高价。</p>
</div><p>Kellanova is a solid business, and I could see a deal eventually coming to fruition. But investors should keep in mind that acquisition rumors are just that: rumors. If a deal fails to materialize, the stock could easily go back to where it was previously.</p>
<div class="lb-trans"><p>家乐氏是一家稳健的企业，我可以看到最终可能会达成交易。但投资者应该记住，收购传闻只是传闻。如果交易未能实现，股价很可能会轻易回到之前的水平。</p>
</div><p>If I were a Kellanova shareholder, I would keep holding -- nothing has changed with the business. But as someone on the sidelines, I won't be buying shares hoping an acquisition sends them higher still. That could be a risky, speculative game to play.</p>
<div class="lb-trans"><p>如果我是家乐氏的股东，我会继续持有——企业的基本情况没有改变。但作为旁观者，我不会购买股票，希望收购会进一步推高股价。这可能是一场风险较高的投机游戏。</p>
</div>

以下是为什么在今天大多数股票大幅下跌时，家乐氏股票却在飙升的原因