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Over the past 150-plus years, Campbell has evolved into a leading packaged food manufacturer in North America, with a portfolio that extends beyond its iconic red-and-white labeled canned soup. In fiscal 2024, snacks accounted for nearly half of its revenue, followed by soup (28%), other simple meals (17%), and beverages (7%). Outside its namesake, its brands include Pepperidge Farm, Goldfish, Snyder’s of Hanover, Swanson, Pacific Foods, Prego, Pace, V8, and recently acquired Rao’s (a deal that closed in March 2024). Around 90% of its revenue results from the US and the remainder from Canada and Latin America.

Kellanova, based in Chicago, is a major producer of snacks and convenience foods. The company's most well-known brands include Pop-Tarts, Eggo waffles, Pringles, Morningstar Farms, and Cheez-It. The company also owns international cereal brands including Frosties, Zucaritas, Special K, Krave, Miel Pops, Coco Pops, and Crunchy Nut. Kellanova sells its products in more than 180 countries and has manufacturing facilities in 21 countries. The company has approximately 23,000 employees. Kellanova shares are a component of the S&P 500.

As we enter one of the most-positive times of the year for the stock market, from December 19, 2024, until January 2, 2025, we note that the market has not been kind to average stock as well as many sectors since the latter part of November. Some blame it on tax-loss selling, which is probable. But there are sectors and indices falling from all-time highs, or at least 2024 highs, so there can't be any tax selling there. NYSE breadth on Tuesday was -1,611 as the streak of weak breadth continues. The 12-day NYSE advances/total issues is down to 39%, one of the weakest readings over the past two years. And, once again, the weakest indices were the NYSE, S&P 400, and S&P 600. We see some interesting Commitment of Traders (COT) data as well as some disturbing data (it just depends on which market). We mentioned previously that the major index combined hedger position was quite bearish -- and when we look at two of its index components, we find that the S&P 500 and the Nasdaq 100 hedgers positions are both bearish as the smart money hedgers are at or near their most-negative futures positions. At the same time, large speculators (hedge funds, momentum junkies) are extremely bullish in their futures positions. Large specs tend to be right during a big part of moves higher and lower, but are mostly wrong at major turning points. In the commodity world, the COT data remains bearish for gold and silver but is fairly bullish for copper. Data remains bullish for the U.S. dollar as well as the euro, but fairly bearish for the yen. It is quite bullish for natural gas and mildly bullish for WTI.

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