<p>家樂氏（K 14.32%）的股票——這是不到一年前從 <strong>Kellogg</strong> 分拆出來的一系列零食和食品品牌——儘管股市整體表現糟糕，但週一股價飆升。截至美東時間上午 11 點，<strong>標普 500 指數</strong> 下跌了近 4%，對於這一大型指數來説是一個巨大的單日波動。但家樂氏股票上漲了近 14%，因為它可能成為一個收購目標。</p>
<h2>家樂氏突然引起關注</h2>
<p>據路透社報道，私人持有的 Mars 公司有意收購家樂氏。 Mars 以其糖果品牌而聞名，包括士力架、Twix、M&amp;M's、彩虹糖果等。但其業務不僅限於糖果；它還擁有寵物品牌和食品品牌。顯然，它認為家樂氏的品牌，如薯片和奇趣餅乾，可能成為其投資組合中有價值的補充。</p>
<p>家樂氏和 Mars 尚未發表官方聲明。但有傳言稱，Mars 不是唯一感興趣的買家。CNBC《街頭狂歡》節目的聯合主持人 David Faber 報道稱，<strong>好時</strong>、<strong>Mondelez</strong> 和 <strong>百事可樂</strong> 也在考慮收購家樂氏。</p>
<p>可以肯定的是，家樂氏的投資組合包括一些全球最知名的品牌，因此吸引力並不令人意外。但潛在買家可能需要支付溢價，這就是為什麼股價在傳聞中上漲的原因。</p>
<h2>家樂氏是個便宜貨嗎？</h2>
<p>隨着今天股價的飆升，家樂氏現在的市盈率接近 27 倍，這可能超出了收購時的價值。考慮到該業務增長緩慢。雖然它正在成功地努力獲得經營槓桿，但對於一個增長緩慢的企業來説，這仍然是一個高價。</p>
<p>家樂氏是一家穩健的企業，我可以看到最終可能會達成交易。但投資者應該記住，收購傳聞只是傳聞。如果交易未能實現，股價很可能會輕易回到之前的水平。</p>
<p>如果我是家樂氏的股東，我會繼續持有——企業的基本情況沒有改變。但作為旁觀者，我不會購買股票，希望收購會進一步推高股價。這可能是一場風險較高的投機遊戲。</p>

家樂氏

<p>家樂氏旗下的零食和食品品牌集合公司家樂氏股價飆升，儘管股市表現疲軟。有傳言稱，馬氏、好時、蒙迪利茲和百事可樂有意收購家樂氏，因為其擁有的品牌價值巨大。然而，投資者應謹慎，因為收購傳言可能不會成真。對於一個增長乏力的企業來説，高價收購可能並非划算</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>家樂氏（K 14.32%）的股票——這是不到一年前從 <strong>Kellogg</strong> 分拆出來的一系列零食和食品品牌——儘管股市整體表現糟糕，但週一股價飆升。截至美東時間上午 11 點，<strong>標普 500 指數</strong> 下跌了近 4%，對於這一大型指數來説是一個巨大的單日波動。但家樂氏股票上漲了近 14%，因為它可能成為一個收購目標。</p>
</div><h2>Kellanova is suddenly attracting attention</h2>
<div class="lb-trans"><h2>家樂氏突然引起關注</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>據路透社報道，私人持有的 Mars 公司有意收購家樂氏。 Mars 以其糖果品牌而聞名，包括士力架、Twix、M&amp;M's、彩虹糖果等。但其業務不僅限於糖果；它還擁有寵物品牌和食品品牌。顯然，它認為家樂氏的品牌，如薯片和奇趣餅乾，可能成為其投資組合中有價值的補充。</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>家樂氏和 Mars 尚未發表官方聲明。但有傳言稱，Mars 不是唯一感興趣的買家。CNBC《街頭狂歡》節目的聯合主持人 David Faber 報道稱，<strong>好時</strong>、<strong>Mondelez</strong> 和 <strong>百事可樂</strong> 也在考慮收購家樂氏。</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，家樂氏的投資組合包括一些全球最知名的品牌，因此吸引力並不令人意外。但潛在買家可能需要支付溢價，這就是為什麼股價在傳聞中上漲的原因。</p>
</div><h2>Is Kellanova a bargain?</h2>
<div class="lb-trans"><h2>家樂氏是個便宜貨嗎？</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>隨着今天股價的飆升，家樂氏現在的市盈率接近 27 倍，這可能超出了收購時的價值。考慮到該業務增長緩慢。雖然它正在成功地努力獲得經營槓桿，但對於一個增長緩慢的企業來説，這仍然是一個高價。</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>家樂氏是一家穩健的企業，我可以看到最終可能會達成交易。但投資者應該記住，收購傳聞只是傳聞。如果交易未能實現，股價很可能會輕易回到之前的水平。</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>如果我是家樂氏的股東，我會繼續持有——企業的基本情況沒有改變。但作為旁觀者，我不會購買股票，希望收購會進一步推高股價。這可能是一場風險較高的投機遊戲。</p>
</div>

以下是為什麼在今天大多數股票大幅下跌時，家樂氏股票卻在飆升的原因