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What Cramer is watching Tuesday — Kellogg to split, Biden vs. oil, Qualcomm cut

Kellogg's cereal products sit on display in a supermarket in New York.
Daniel Acker | Bloomberg | Getty Images

What I am looking at June 21, 2022

  • Kellogg (K) announced Tuesday that it plans to split into three independent public companies: cereal, plant-based food, and snacks. The North American cereal business and plant-based division together represent 20% of sales, while global snacking — including international cereal, noodles, frozen brands — account for 80%. Names for the new companies to come. Shares jumped 8% in the premarket.
  • Adobe (ADBE) downgraded to hold from a buy at Morgan Stanley. Tech is where the weakness is in this economy when it comes to jobs.