Today in the Market (10/2/2023)

Good Evening! On Monday, the stock market experienced a mixed performance, with the Nasdaq leading the way as a new trading quarter started. This was influenced by the successful efforts of US politicians to prevent a government shutdown, as well as the release of significant statistics about vehicle deliveries, which drew considerable attention from investors.

Finishing the first day of the new quarter, the S&P 500 barely finished above breakeven at 0.01%, while the Dow Jones fell slightly under by 0.22%. The Nasdaq Composite stayed in the green for most of the day and was up by 0.67%.


Kellogg (K) has effectively announced splitting into two companies. The renowned manufacturer of Pringles and Frosted Flakes, which has been doing it for 117 years now, completed an organizational split into two distinct companies (this separation process has been underway since June 2022). 

So what will happen? Kellanova will include renowned snack brands, like Pringles, Cheez-It, and Pop-Tarts, alongside the company’s plant-based food enterprise, Morningstar. The Kellanova enterprise, which will be managed by the former CEO of Kellogg, Steve Cahillane, and will operate under the stock ticker code “K” on the New York Stock Exchange. However, the stock symbol for WK Kellogg Co, “KLG”, will also be listed for trading on the New York Stock Exchange.

What made them do this? According to Kellogg, the choice of the Kellanova name serves the purpose of connecting to the company’s legacy, while also indicating a forthcoming period of expansion within the continuously developing food market.


Sphere Entertainment (SPHR) had a significant increase of around 15% on Monday. It attracted significant attention when it used its external display to project a flashing eyeball, resulting in widespread online rave.

But it was about what was inside this time! The CEO, James Dolan aspires to reinvent the live entertainment experience by enveloping concert attendees with an immersive LED screen measuring 16,000 by 16,000 feet. Which he did last Friday when the musical group U2 performed their first concert inside of the Sphere and once again drew astonishment from online communities.

But what is the long-term goal here? According to Dolan, the long-term vision for the Sphere is transforming it into a year-round establishment, hosting many events on a daily basis. So far, U2 is scheduled to perform a series of 25 consecutive shows, known as a residency, with the possibility of other acts being revealed in subsequent announcements.

Are the financial statements looking as pretty as the Sphere? Well with any investment… The investment of over $2 billion in the construction of the sphere is now in the early phases. In the most recent quarter, which concluded on June 30, the Sphere Entertainment division known as Sphere Segment reported an adjusted operating loss amounting to $90 million.

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