Kellogg Down 4.7% on Lower Guidance

Kellogg K is trading lower on the session following its guidance announcement. The company said that it "expects that full-year internal net sales will increase at a rate between 2 and 3 percent. Full-year internal operating profit is expected to decrease at a rate between 2 and 4 percent as the result of the slower sales growth and continued investment in the business." Kellogg Company's president and CEO, John Bryant stated: "We are obviously disappointed with the performance of the Company in the first quarter of 2012. We faced more significant challenges in both Europe and in some categories in the U.S. than we expected. We have recognized and are addressing these issues, and have provided revised guidance that allows us to continue to invest in the business. This investment is at the core of our operating principles, it's the right thing to do for the health of the business, and it will help drive future growth." Kellogg is currently trading at $51.44, a loss of $2.55 or 4.72%.