Kraft Foods Inc. (NASDAQ: KFT) may sound like a strange restructuring name ahead of its split when the company will become Mondelez. It sounds like a casino, but investors are snapping shares up. In fact, the food giant's share price just hit a new 52-week high today. This is not the highest that shares have ever traded on a nominal amount, but Kraft's dividend adjusted share price would be raising eyebrows.
A review of a chart going back 10 years shows that Kraft might theoretically have strong resistance if shares hit $42.00 or $43.00.
The stock's prior 52-week high was $41.90 and the high today was $42.00. Analysts still have a consensus price target objective of $44.12, according to Thomson Reuters, and Yahoo! Finance lists Kraft's new market value at $74.4 billion.
The only real remaining question we have now (outside of that silly future name) is which other public company, or if another, will replace Kraft as one of the 30 Dow Jones Industrial Average components.
JON C. OGG
Filed under: 24/7 Wall St. Wire Tagged: KFT