With all the available information and as can be seen from the graph above, on Oct. 18, the day Philip Morris made a $90 per share bid for Kraft, Kraft’s share prices rose by $28, around 47%. During the day Philip Morris’ share prices dropped by 4.5%. The week following this, Kraft’s equity was trading in the range of $90 to $102 per share. All this shows that the market felt Kraft to be under valued.