Stocks of both former-Kellogg Kellanova, and new WK Kellogg drop on first day after separation completed

Kellanova
K,
-5.16%,
formerly known as Kellogg Co., didn’t receive a warm reception on the first day as a snacks, frozen foods and international cereals company, and the new North America cereals business WK Kellogg Co.
KLG,
-5.79%
didn’t either, as the new stocks dropped on their first day of trading following the completion the separation into two independent public companies. Kellanova’s stock, which was trading under the previous Kellogg ticker of “K,” fell 4.5% in morning trading, while WK Kellogg’s stock under the new ticker “KLG” was down 7.1%. “As a standalone company, Kellanova will benefit from greater operational focus and fit-for-purpose strategy and resource allocation, investing behind its differentiated brands in an effort to deliver consistently strong net sales and earnings growth over time,” said Kellanova Chief Executive Steve Cahilane. The stocks’ declines come as the S&P 500
SPX,
-0.19%
ticked up less than 0.1% in morning trading.