Display cereal bowl (8)
I believe the answer is:
brandish
'display' is the definition.
(brandishing is a kind of displaying)
'cereal bowl' is the wordplay.
'cereal' becomes 'bran' (I've seen this before).
'bowl' becomes 'dish' (I've seen this before).
'bran'+'dish'='BRANDISH'
(Other definitions for brandish that I've seen before include "Wield or wave belligerently" , "Wave, flourish" , "Wave vigorously" , "Wave as a threat" , "Flaunt" .)